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) Wednesday's shallow correction of Tuesday's gap and go rally was due the minimum reward of fresh highs. Brexit headlines triggered an overnight probe to 3006.75, which was retested post-open up to 3008.00. Exceeding the bias-up target to renew the bias-up signal didn't prevent reversing back down through the bias environment. The noon hour was entered back at Wednesday's 2990.50 cash session close, which defined the Thursday's low. Its reaction back up into the final hour touched Tuesday morning's 3002.00 high, and traded flat-to-lower through the 2998.00 close. Overnight action's new info... (nearby chart is last intraday session and Globex) The final hour's flat-to-lower ranging extended through midnight and Europe's opens. Its eventual 2989.00 low probed yesterday's low, but only momentarily. Its reaction quickly recovered to unchanged, and now to fresh overnight highs testing 3000.00. If, then... (notes to accompany the Tour recording) Rather than immediately extend higher through yesterday morning, the other bullish scenario formed and its reaction down was done by noon. Nothing at that point in the pattern should prevent resuming the rally, which then probed fresh afternoon highs up to 3002.00. That was muted, and now retraced overnight. Perhaps the delay is due to anxiousness ahead of post-close AND pre-open quarterly earnings announcements. None of which prevents resuming the rally, but now nothing should delay resuming it, either. The rally should already resume into the open if resuming at all. Otherwise, with no "unfinished business" or other active attraction outstanding above, and unfinished business below at 2981.00, trending down at the open would be vulnerable to extending lower, and lower. Whether up, or down, Friday Factors are likely to exacerbate any initial trending. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2995.50 would be unlikely to trigger the 2993.50 bias-down signal at 10:15. Exiting the open under 2990.75 would be likely to trigger bias-down.

Pre-open recovery attempt stops just short. This morning's rally potential depended on both timing and productivity -- rallying through the open, and extending yesterday afternoon's bounce. Already bouncing from the 2989.00 overnight low was attacking yesterday afternoon's 3002.00 high to within 3 ticks. And then it wasn't. Reacting down 5 points accelerated to test 2990.00 just before the open. Reacting through the open up to 2999.00 did fulfill the rally's timing requirement. Its productivity requirement still fell short, as the natural resistance of positive territory held. Reversing back down since then is probing fresh lows down to 2986.50. Still testing the 2993.50 bias-down signal at 10:15 and 10:30 has triggered noN-bias, so fulfilling its 2988.00 bias-down target isn't actually neutralizing an attraction. But it's still influential, already reacting up to attack 2992.00. noN-bias is less bearish than bias-down, and so this morning's fresh lows can still be rejected. Any bullish scenario not in-play into the noon hour would fade dramatically into the afternoon. And any bullish scenario must at least recover the 2993.50 bias-down signal, preferably already extending through it, or else buyers could be marginalized for the balance of the session.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2994.25 2993.50 ...would target 3000.25 2999.50 Bias-down: under 2982.50 2982.00 ...would target 2977.50 2977.00 Signal status: NO-BIAS, TESTED BOTH BIAS-DOWN PARAMETERS . 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.

Sellers almost marginalized. Almost. A likely support level just reached out to stop the noon hour from plunging. And its buyers are being well-rewarded, while also avoiding bias-down. So, are sellers done?

The open and bias environment exit each required specific characteristics that would be likely if a rally were underway. Each stopped short, literally, not recovering a relevant level despite trying to rally at the correct time.

Their consequences were very productive. This morning's bounce to 2999.00 resolved down to 2986.50. Its bounce up to 2994.50 was reversed down to 2975.00.

Unfinished business at 2981.00 left outstanding from yesterday afternoon's bias was neutralized. And natural support at Wednesday's 2977.00 gap up was influential, only overlapped and never broken. Its reaction just touched 2992.00. Tests of both bias-down parameters were recovered in time to trigger no-bias. Nothing prevents resuming the decline. Back under 2986.00 would start to suggest it. Nothing requires retesting the 2975.00 noon hour low. Back under 2986.00 would start to suggest it. Slightly less likely is to recover into the weekend, at least not without a headline catalyst, so ranging flat into the weekend is otherwise likely.

No calculable higher objective was ever required to be met this week. Structural higher highs had been required to reward maintaining last Friday and Tuesday's gap and go mornings. Those rewards could have extended higher, but only hovered or retraced. Leaving Friday to test attractions below. Rallying high enough at Friday's open could have resumed the rally. The same for Friday morning's bias environment exit. Each rallied, but not high enough, and consequently probed fresh lows. Although fresh lows were vulnerable to extending down much more sharply, they were recovered back above relevant levels to avoid reversing the trend down. Attractions tested below were "unfinished business" at 2981.00 and Tuesday's 2977.00 gap up. Recovering both through the close prevents their break and triggering lower objectives in-play. Recovering also leaves unstable support below, so another break would likely extend to 2966.00, and potentially under 2940.00. Meanwhile, no hold-long or hold-short was indicated at Friday's close. And once again resuming the rally should be obviously underway at the open to be credible intraday. 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 2993.50 2992.75 ...would target 3001.25 3000.50 Bias-down: under 2980.25 2979.75 ...would target 2973.00 2972.50 Signal status: BIAS-UP, BIAS-UP TARGET MET . 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.