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) Preparing for an obligatory probe under 3428.00 down to 3401.50 was rewarded by an overnight spike down to 3402.50. Its complete recovery into Thursday's open up to 3438.50 tested the 3434.00 earlier Globex high when holding it could have been as bearish as its recovery would have been bullish. The intraday inclination to repeat overnight trending attempts took the morning back down to 3407.00, allowing the balance of the session to trend up to 3453.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Sideways ranging has not been a random walk. Globex's open gapped up slightly, just enough to test the 3456.25 bias-up signal, and soon began reversing down to attack the 3440.50 bias-down signal. And thus the overnight range was defined. A bounce attacked the original high, then its reaction probed the prior low. And now a second bounce is consolidating around the original high up to 3461.50, indicating a gap up. If, then... (notes to accompany the Tour recording) Yesterday's rally gained no traction for its effort. Resuming the rally this morning all but requires gapping up above Wednesday afternoon's 3451.00 last relative high. That's also yesterday afternoon's lower prior highs, which allows a brief test of support, which would then require bouncing sharply higher to extend the rally. Nothing yet prevents the morning from backing-and-filling, but under 3434.00-3435.00 would start to become a reversal down that could trend back down into the weekend. Otherwise, extending the recovery should at some point behave aggressively, becoming steep and productive. Watch for Friday Factors influence. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3460.25 would be likely to trigger the 3456.25 bias-up signal. Exiting the open under 3443.00 would be unlikely to trigger bias-up. Exiting the open above 3443.00 would be unlikely to trigger the 3440.50 bias-down signal.

Still hovering around yesterday's highs. Eventually extending up to 3462.50 pre-open had finally formed a swing that didn't overlap yesterday's 3451.00-3453.00 highs. My pre-open comments noted this meant the resolution either way should be immediate. Opening noise could be dismissed for attacking yesterday's highs as support, or even for actually testing them if then rejected abruptly. But post-open action from 3460.00 immediately began dropping to 3449.00. And a blip-up to the 3456.25 bias-up signal reacted down to trigger no-bias. An offsetting test of the 3440.50 bias-down signal is in-play. Bouncing from 3444.50 just held yesterday's high as resistance. Its reaction down hasn't yet extended to the objective, which could be probed down to 3435.00-3437.50 without suggesting yesterday's recovery attempt has failed.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3450.50 signal would target 3460.25. BIAS-DOWN: under 3432.00 signal would target 3422.50. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3458.00 3450.50 ...would target 3467.75 3460.25 Bias-down: under 3439.50 3432.00 ...would target 3430.00 3422.50 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE

Factoring Fridays. This morning's slide from the 3460.00 open extended to the 3431.50 noon hour low. The offsetting test of its bisa-down signal was fulfilled, as was potential for testing 3435.00. This afternoon's 3432.00 bias-down signal was also tested, and held, triggering no-bias. An offsetting test of the 3450.50 bias-up signal is not required, but would require defining the window's upper-end if tested. If tested. A bounce just tested 3447.00, and nothing requires bouncing any higher. This being a Friday, morning trending isn't often followed by afternoon trending. Extending the morning trend can be substantial. Retracing the morning trend isn't very rare.. Already, this morning's trending has been retraced by 50{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6}. The bias-up signal happens to represent a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement. Any bounce during this window makes it more difficult for another downleg to actual resume the morning's decline.

Flat-to-higher overnight ranging at or around Thursday's 3453.00 high was its most optimistic just minutes before Friday's open at 3462.50. Gapping didn't ensure trending up, and a post-open dip back under Thursday's high only sunk deeper and deeper to the noon hour's 3431.50 low. Fridays often front-load their trending, so the balance of the session only bounced back up to Thursday's highs. Friday's recovery back into positive territory helps to confirm that Thursday neutralized its obligatory probe under 3428.00. Already trending up Friday morning, or recovering Thursday's highs before entering the Position-squaring window would have been more reliable confirmation. Trending up Monday would be axiomatic. Meanwhile, another downdraft Monday is possible, albeit less so for a bullish scenario after already recovering a downdraft Friday. Trending up through the open would be bullish, potentially triggering the bullish PM Traction setup that formed by exiting Friday's bias environment above the noon hour high, and then trending higher through the proxy window. We'll discuss that and other setups forming at this weekend's 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 3464.75 signal would target 3474.75. BIAS-DOWN: under 3449.25 signal would target 3438.00. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3472.25 3464.75 ...would target 3482.25 3474.75 Bias-down: under 3456.75 3449.25 ...would target 3445.50 3438.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE