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) The rally didn't wait long after finally closing cleanly above 3288.00 to extend higher. A new Globex trend extreme had formed above Wednesday's narrow range at 3329.25. Reversing back under Wednesday's range down to 3300.50 was recovered to open flat Thursday, avoiding two bearish setups that were forming. The morning's no-bias environment peaked at its bias-up signal, but the afternoon's no-bias environment extended to new recovery highs at 3344.00. That was the 3:10-3:20 proxy window exit, which the balance of the session consolidated. Overnight action's new info... (nearby chart is last intraday session and Globex) A blip-up to a new high at 3247.25 earlier during Globex was just that, and didn't qualify as a new Globex trend extreme. But it did stretch the rubber band and its snap back down extended to 3324.50 by midnight. Bouncing up to 3240 through Europe's opens has been retraced entirely down to 3323.25. If, then... (notes to accompany the Tour recording) Yesterday afternoon's o-bias trending above its 3327.25 bias-up signal had required being retraced, and now the attraction is neutralized along with its 3323.00 1:20 print. The unusual and usually ill-fated last-minute optimism ahead of the Employment Situation report is now retraced, which by the way also leaves less room to absorb a negative headline reaction. Regardless of the open's print, and so long as the open doesn't trend down, yesterday afternoon's bullish PM traction should influence the morning to trend up. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters) Preliminary indications are not considered ahead of an Employment Situation report.

New highs targeted. Retracing yesterday afternoon's rally had also erased room to absorb an initially negative knee-jerk reaction to this morning's Employment Situation report. It also created room to absorb a positive knee-jerk reaction. And the reaction did surge 14 points up to 3345.50, which in turn created room to absorb its quick slide down to 3327.50. Lots of volatility, greeting the open where the report was greeted. Price action was free to behave organically, which is the most informative. And if anything, the open trended up. The open certainly didn't trend down, so yesterday afternoon's bullish PM traction influence was confirmed. Regardless of the open's gap in either direction, this morning's bias environment should trend up. Holding a test of the 3334.50 bias-down signal to trigger no-bias confirmed further -- especially after recovering a dip during the grace period. A fresh post-10:15 high offered the final possible bullish confirmation, and has since extended up to 3345.25. An offsetting test of the 3349.25 bias-up signal is in-play. It should define this morning's upper-end if tested, but can be probed without consequence later.

At 1:20 the P.M. BIAS is BIAS-UP: above 3343.00 signal would target 3350.50. BIAS-DOWN: under 3331.00 signal would target 3320.75. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3349.50 3343.00 ...would target 3357.00 3350.50 Bias-down: under 3337.50 3331.00 ...would target 3327.25 3320.75 Signal status: LATE NO-BIAS, 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.

Morning gains retraced, but only retraced (so far). Since trending up out of the 3332.00 open, yesterday afternoon's bullish PM traction influence produced an uptrending bias environment reaching 3345.50. Trending down into the noon hour was largely recovered, but only briefly before falling back to the open's lows at 3328.25. Which seems like a wash, buyers and sellers cancelling each other out, and holding yesterday's range into the weekend. This afternoon just triggered the session's second no-bias, allowing room up to the 3343.00 bias-up signal. An offsetting test of this morning's 3349.25 bias-up signal became unfinished business. This afternoon's no-bias triggered late, after chipping away at the post-open lows support. Room up to its 3343.00 bias-up signal need not be fully exploited. And sitting in the middle of a narrow multi-window range on Friday afternoon is hardly reliable for suddenly trending. There's no indication of a bullish urgency to greet the weekend bullishly -- and now this afternoon's 3331.00 bias-down signal is being retested. Exiting the bias environment beyond either end of the noon hour's 3333.00-3346.00 range would be vulnerable to extending in that direction.

Thursday's close above the prior session's range had ensured a volatile reaction to the Employment Situation report, which the 30-minute 17-point round-trip fulfilled. As did plenty of intraday inflection points that attracted reinforcements. But their follow-through repeatedly reversed into a countertrending inflection point. Wash, rinse, repeat. Afternoon dips and their recoveries from 3322.25 predicted a high-probability late upward explosion which fulfilled its structural objective for a probe above the morning's 3345.50 high. Unfinished business at 3349.50 was only attacked to within 3 points. Two consecutive closes not also overlapping 3288.00 were themselves immediately productive. But intraday trending and extending the trend both seem inhibited while awaiting a new stimulus package. Not so its effects can be reflected in market valuations -- which would take government bonds down quite a bit to reflect the country's excessive leverage -- but to move its headlines in the rear view mirror and let trending develop organically. Perhaps there will be movement on that front over the weekend. We'll discuss that and more at Saturday Review. 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 A.M. BIAS At 10:15 the A.M. BIAS is BIAS-UP: above 3350.50 signal would target 3360.25. BIAS-DOWN: under 3333.00 signal would target 3320.75. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3357.00 3350.50 ...would target 3366.75 3360.25 Bias-down: under 3339.50 3333.00 ...would target 3327.25 3320.75 Signal status: LATE BIAS-UP . 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.