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

DAILY SCHEDULE Watch the pre-open Tour recording* HERE <<== *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. chaRTroom** is now open... Pre-open update is at 9:15 ET **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Wednesday afternoon's sudden appearance of 4 non-bullish elements struck quickly overnight, reversing its initial attack on 3127.00 back down to 3094.00. That became a pattern by doing the same to Thursday morning's rally back up to the overnight high. The final hour broke lower during a window that is unlikely to break the range ahead of the next morning's Employment Situation report. It found So it was predictably recovered back up to 3116.50 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Thursday's late surge was interrupted by Globex's brief pullback to 3106.50. But the recovery resumed and Thursday's highs were being attacked by midnight. Extending through Wednesday's last-minute 3129.50 high before Europe's opens got to new recovery highs at 3145.50. Complexity along the way formed a new Globex trend extreme. Now a dip is testing Wednesday's highs as support. If, then... (notes to accompany the Tour recording) ADP's tepid reaction and Jobless Claims bearish reaction already suggest the market wants to react unfavorably to Friday's Payrolls report. Now the overnight rally has expended a lot of buying pressure that could be sorely missed when the headline hits, i.e. contrarian to the optimism. New highs are not a sell signal, although they do create room to expend selling pressure without it damaging the rally's chart. The new Globex trend extreme did form unfinished business that requires intraday retest, often the same day -- but not always, and it's the least attractive of all unfinished business, while still creating context for a pullback to be only temporary (again)... So, last night's rally doesn't prevent a negative reaction to Payrolls, attracting the same sellers that rejected Wednesday's late surge and Thursday's early surge, just as a pullback. Nevertheless, credible bullish scenarios still include: reacting favorably and rallying into the weekend, or a negative reaction extending down through yesterday's lows before recovering. And that latter credible bullish scenario could become bearish if its negative reaction includes a post-open retest of the overnight high. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

No preliminary indications are considered ahead of Employment Situation reports.

And position of strength created. The Employment Situation reprot was greeted at this morning's 3133.00 bias-up target, pulling back from the 3145.50 overnight high, up from yesterday's 3110.00 cash session close. The first headline reaction surged to 3164.50. A 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement to 3150.00 was recovered up to 3179.00. Its reaction greeted the open at 3169.50.

All of which formed a Relentless Overnight Trending setup. And the open trended up throughout, also exiting the open above overnight highs at 3182.00. This makes the setup bullish, at least creating a position of strength to suggest a reversal will retrace, more often just extending the overnight trend.

The first hour ranged choppily sideways between 3172.00-3184.00, perhaps inhibited by anxiousness ahead of Trump's press conference. Above 3188.00 signals the rally has resumed, and it's now being probed by 2-3 points. Back under 3177.00 would signal a pullback underway, with potential down to 312.00, 3146.00, and 3133.00. With plenty of more room below while being only a pullback. And having gapped up above all prior highs in an uptrend, touching Wednesday's 3129.50 high would make today's 3169.50 become unfinished business above.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3213.75 3211.75 ...would target 3227.25 3225.25 Bias-down: under 3189.00 3187.00 ...would target 3176.25 3174.25 Signal status: NO-BIAS . 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.

Gap-and-go hovering now? This morning peaked within 2 ticks of its 3211.00 potential, then reacted down to test 3190.00. Overbought RSIs left outstanding at the high will require its eventual retest. Back under 3194.00 would start to signal a deeper pullback down to 3177.00. But this signal is unlikely to trigger, because not already extending lower into the afternoon bias environment has all but marginalized sellers for the day. Also, this is a no-bias environment. Trending Friday mornings tend not to trend Friday afternoon. Back above 3204.00 would target a retest of the highs, and probably a test of this afternoon's 3211.75 bias-up signal. The bias-up signal should hold its test during the bias environment, or else its no-bias trending will require retracement. Meanwhile a bullish gap-and-go may be forming. Its is triggered by the afternoon hovering at or around the morning's highs. The setup then often corrects the following day, before resuming the prevailing trend to a new extreme.

Snapping back up into Thursday's 3110.00 close extended higher into Friday's pre-open Employment Situation report. Reacting up to 3179.00 pre-open formed Relentless Overnight Trending which the open's uptrend through 9:45 signaled would extend higher through the morning. The bias environment exit had just attacked to within 2 ticks the bear market rally's next minimum target at 3210.50. Afternoon hovering completed a bullish gap-and-go setup, and easily held a bullish Friday trend high close at 3189.50. The high's overbought RSIs were left outstanding. Friday afternoon's restrained optimism that triggered the gap-and-go now allows a pullback on Monday, while still being likely to reward Friday morning's buyers with fresh trend highs Tuesday or Wednesday. And similar to a confirmed breakout, the new trend high close on a Friday also requires at least another eventual higher close. Friday morning's overbought RSIs require the morning high's eventual retest, which can be neutralized overnight. The Wed-Thu non-bullish pattern was absent on Friday, but may be only hibernating. Notice I haven't described the potential depth of a gap-and-go interim pullback -- or the alternative(s) to a pullback on Monday. We'll do that during this weekend's Saturday Review... see you there! See details and other markets coverage in the post-market Wrap recording* here. *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. 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 3204.00 3202.00 ...would target 3218.75 3216.75 Bias-down: under 3179.00 3177.00 ...would target 3161.00 3159.00 Signal status: LATE NO-BIAS, TESTED BIAS-UP SIGNAL . 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.