Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close... (summary of last Market Wrap) Thursday morning contained three 22-point swings, and the afternoon contained two 31-point swings, which was still less volatile than the overnight swings. Both windows essentially ranged sideways, albeit widely and choppily. Fresh lows down to 2817.75 (forming a "new Globex trend extreme") were reversed before the open up to 2871.75. Fresh intraday lows down to 2825.00 recovered back up to attack 2856.00-2858.00. Oversold RSIs were left outstanding at the lows. Overnight action's new info... (nearby chart is last session and Globex) A last-minute reaction down to 2846.50 was quickly recovered, and gradually extended higher to test 2869.50 before Europe's opens. Hovering at the high soon broke higher to 2878.50, consolidating for the past two hours. If, then... (notes to accompany the Tour recording) Having followed Wednesday's plunge with sideways ranging, backing-and-filling was likely either overnight or Friday morning or both. So far, at least overnight is backing-and-filling, and attacking its 2881.50-2883.50 minimum bounce target to within 3-5 points. The backing-and-filling resolution is still likely to be down, whether this morning or this afternoon, regardless of the bearish WedEX. This morning could already start resolving down because relentless overnight trending is vulnerable to reversing through the open a greater risk if 2881.50-2883.50 is already tested by then. Being a Friday, the morning's bias is likely to persist through the noon hour. That would only inhibit breaking back under the bias-up parameters before this afternoon, or enable a bigger bounce if not already reversing down through the open. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2865.00 would be likely also to exceed the 2862.00 bias-up target at 10:15 to renew the bias-up signal.

And minimum bounce targets exceeded. Backing-and-filling was likely to follow yesterday's choppy sideways ranging. At least overnight, which had tested The 2878.50. That was retraced pre-open to attack the 2861.25 bias-up target as support. Surging through the open to 2875.00 fulfilled the minimum structural requirement of at least probing yesterday's 2871.75 pre-open high. Its reaction was never credible for invalidating the minimum calculable objective at 2881.50-2883.50 -- which was met by a 15-point surge. The surge's reaction was 10 points, but still contained to its first 3-4 minutes so the pullback limit was never violated. Upside momentum remained intact, and has extended to test 2892.00. The next higher attraction is 2896.00-2898.00. None of which affects the vulnerability to this afternoon trending back down. Only the rally's current overbought 1-minute and 3-minute RSIs that would require an eventual retest.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2892.75 2893.50 ...would target 2898.75 2899.50 Bias-down: under 2884.50 2885.50 ...would target 2875.75 2876.75 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE 1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 1:20 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 1:30 after invoking the grace period would trigger "noN-bias," with no bias influence.

Stretching the rubber band again? This morning's backing-and-filling rally is likely to fail. This afternoon's bearish WedEX is likely to be influential. So, ranging flat-to-lower from 2892.25 down to 2883.00 could collapse. But it hasn't. Instead, this morning's 2892.25 high is being retested by a couple of ticks. At least its overbought RSIs are now neutralized, but a reversal down isn't yet signaled. A reversal down might need to come from fresh highs. Probing this afternoon's 2893.50 bias-up signal now would be "no-bias trending" that requires retracement. Stretching the rubber band could snap back down to start a downleg. Or, just trending down could start a downleg. Fresh highs could also attract reinforcements -- contrary to other likelihoods -- and extend higher into expiration. But the burden of proof is on buyers to start a rally leg, or to remain vulnerable to reversing down.

Friday's expiration session was greeted by an overnight 30-point rally that tested 2878.50. Its pre-open reaction only threatened the 2860.00-2862.00 support area and never suggested any intent other than resolving up. After only firming into the bias timing window, suddenly surging 15 points fulfilled the rally's 2881.50-2883.50 likely objective. Extending another 10 points higher to 2892.50 defined the session high that held through the noon hour and through the afternoon. A last-minute blip-up attacked 2895.00 but settled back within the range. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2895.25 2896.00 ...would target 2902.25 2903.00 Bias-down: under 2882.75 2883.50 ...would target 2876.25 2877.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE 1. At 10:15, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 10:15 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 10:15 would invoke a grace period through 10:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 10:30 after invoking the grace period would trigger "noN-bias," with no bias influence.