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) All prices basis Dec: Gapping down Tuesday night immediately extended to 3286.00, fulfilling the decline's next targets. Reversing up almost relentlessly opened back at Tuesday afternoon's high to form a session-long rally. Not triggering the bullish setup didn't prevent fulfilling it, probing higher through all but one timing window. Fulfilling the final hour's fresh high up to 3380.00 became vulnerable to reversing down. The Position-squaring window's 35-point collapse retraced the morning's bias environment entry. Overnight action's new info... (nearby chart is last intraday session and Globex) Initially reacting up from Wednesday's late collapse quickly attacked 3401.00, the collapse's 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement. The measurement's resistance launched another downleg testing 3374.00. Its reaction up to 3398.00 also resolved down, back to yesterday's 3364.50 opening print. Now another 20-x bounce has now been largely retraced. If, then... (notes to accompany the Tour recording) FRONT-MONTH ROLLS FORWARD TO DEC, NOW TRADING AT A 10.25 DISCOUNT FROM SEP. Wednesday's bullish accomplishment was the open's gap up above 3355.00, rejecting by proxy Tuesday's close under 3341.00. The intraday rally already rewarded that. Otherwise, no relevant resistance was recovered, and no bullish PM Traction formed. Session-long setups do often control the next morning's bias environment, which remains likely unless the open were to trend down. This directional influence might not be enough to exceed resistance and to put into play higher objectives, or to prevent reversing back down later. Meanwhile, however wide its swings, last night's pattern is relentless overnight trending, which is vulnerable to extending intraday unless rejected through the open. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3369.00 would be likely to trigger the 3372.75 bias-down signal. Exiting the open above 3377.00 would be unlikely to trigger bias-down.

At risk of invalidation. Wide overnight downlegs were recovered entirely by a pre-open rally to fresh highs. That also inhibited intraday buyers, although not early enough to prevent triggering the 3402.00 bias-up signal. But its ambitious 3424.50 bias-up target is no jeopardized by a 40-point collapse to 3370.00. No fresh high since triggering bias-up means it can be invalidated more easily, by exiting the bias window at 11:30 under its 3372.75 bias-down signal. Which was just tested, despite the first hour's dry cleaners morning setup. The bias-up target becomes unfinished business if the bias-down signal's test holds into noon. As already bouncing up to 3391.00 suggests. Otherwise, rejecting the bias-up could instead probe under Tuesday's lows again.

THU P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3394.50 signal would target 3411.00. BIAS-DOWN: under 3377.00 signal would target 3366.75. NO-BIAS: between both signals. THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3406.50 3394.50 ...would target 3423.00 3411.00 Bias-down: under 3389.00 3377.00 ...would target 3378.75 3366.75 Signal status: NO-BIAS, TESTED BOTH BIAS-DOWN PARAMETERS . BIAS VIDEOS... INTRO // EXAMPLE

Adobe is back, click here for NEW login link. The noon hour is probing lower: This morning's oversold RSIs at 3369.75, the 3364.50 overnight low, and this afternoon's 3366.75 bias-down target, all being probed by a test of 3362.00. The most critical level being tested is yesterday's 3364.50 open. Its obligatory support was influential overnight, and can be equally influential intraday. Once, each. Any lower would target 3343.00, and essentially reject yesterday's gap up above 3341.00-3355.00. Detouring down from unfinished business at this morning's 3424.50 bias-up target isn't as alarming as its lacking of a negative catalyst. No headlines were undermining an organic bounce, and the dry cleaners morning setup at least suggested no strong-handed sponsorship of any sort. Without reinstating the bounce's momentum soon, Tuesday night's lows could be retested or broken.

Almost invalidated their recovery. Adobe update: Login here today. The noon hour's fresh lows testing 3362.00 were recovered to attack 3385.00. Which also reversed from probing under the 3366.75 bias-down target to back above its 3377.00 bias-down signal. No-bias. Rejecting both bias-down parameters in the morning would have put into play offsetting tests of both bias-up parameters. A fresh recovery high above 3385.00 would at least become increasingly likely to rally, as would recovering 3393.50. Meanwhile, the 3377.00 bias-up signal's recovery is struggling, being probed again down to 3369.00. An attempt to invalidate it by already 1:30 failed, but only barely. Until probing the pre-1:20 high above 3385.00, the no-bias can be invalidated back under the bias-down target's test... i.e. new session lows. And that would essentially target 3343.00.

Wednesday's late collapse from 3414.00 had extended down overnight to 3364.50. All of which was recovered through Thursday's open up to 3317.00. The late surge inhibited intraday buyers, not from triggering bias-up but from fulfilling the morning's 3224.50 bias-up target. Trending down 100 points from the morning's high reached 3317.00. Bearish PM Traction kept price depressed through the close. Wednesday's gap up above 3341.00-3355.00 had rejected Tuesday's close under the now 3-week old week-long congestion. Its buyers were rewarded without gaining traction for the effort. Thursday's close back under 3341.00-3355.00 isn't likely to avoid retesting Tuesday night's 3385.50 low. And a retest of Tuesday night's low isn't likely to hold. The next lower objective would be 3333.00. Thursday's decline in context of its higher unfinished business would usually make a recent low likely to hold its retest. But Thursday declined without any surprising catalyst, which suggests that its trending is organic. And organic trending can take longer to run its course than would simply discounting a headline. 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. Monitor overnight Globex trading in the chaRTroom here [NOT the direct link].

FRI A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3347.25 signal would target 3362.75. BIAS-DOWN: under 3320.75 signal would target 3308.00. NO-BIAS: between both signals. FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3359.25 3347.25 ...would target 3374.75 3362.75 Bias-down: under 3332.75 3320.75 ...would target 3320.00 3308.00 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE