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 was greeted by overnight weakness that had fluctuated around the morning bias-down parameters. The bullish scenario simply needed the open not to extend lower. And the post-open dip to 3696.00 did reverse up sharply and relentlessly to the afternoon high attacking 3775.00. The new highs neutralized all remaining unfinished business at 3758.50 and 3773.25. The balance of the session trended back down to eventually touch 3730.00.. Overnight action's new info... (nearby chart is last intraday session and Globex) Surging through the cash session close attacked 3755.00 into the Globex open. A dip to 3742.00 was recovered up to 3765.00. A higher high at 3773.00 was reversing through Europe's opens. If, then... (notes to accompany the Tour recording) Live by the sword, die by the sword? No, not even in reverse. Yesterday afternoon's slide wasn't shallow, but a real government overthrow would probably produce something a little deeper. And now that Trump has effectively conceded, only most of the slide has been retraced. So, repeating from yesterday: Election matters aren't determining the trend's direction, regardless of its catalysts' immediate effects. More relevant to the rally's pattern right now is the resistance it's encountering Yesterday afternoon's slide may have been triggered by the Capitol protest, but not before the intraday rally had neutralized all unfinished business and RSIs began deteriorating organically. Tuesday's closing action had already signaled new highs Wednesday would fail. Now its retest of the rally's longstanding 3757.00-3758.00 resistance has rejected both it, and upside momentum -- where Friday's test of this same area had only rejected the level, but not momentum. Bearish PM Traction that formed yesterday afternoon will try to control this morning's bias window, regardless of the open gapping up. Discernible uptrending through Thursday's first 15 minutes would suggest otherwise. Bias Parameters... (linked here)

Open's rally probing new highs. Recovering from the later 3747.00 overnight pullback gapped up to 3766.00 and rallied through the first hour up to 3797.00. Only then did 1-minute RSI diverge negatively, so that overbought RSIs can't protect the high. But the vulnerability to reversing down here has only been consolidated. And the consolidation is piercing several ticks into fresh highs at 3800.00. The next higher attractions above 3801.00 would be 3806.50-3808.50 and 3821.00-3822.00. Otherwise, back under 3788.75 would signal at least a corrective dip underway targeting 3769.00-3770.50. Meanwhile, yesterday afternoon's bearish PM Traction barely avoided being invalidated. Potential for an afternoon reversal remains intact, albeit not required.

THU P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3797.75 signal would target 3808.00. BIAS-DOWN: under 3784.25 signal would target 3775.75. NO-BIAS: between both signals. THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3806.25 3797.75 ...would target 3816.50 3808.00 Bias-down: under 3792.75 3784.25 ...would target 3784.25 3775.75 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Unfinished business above. This morning's rally from its 3766.00 open eventually reached 3803.25. Simultaneously overbought 1-minute and 3-minute RSIs require its eventual retest. Meanwhile, a pullback into the noon hour down to 3787.50 threatened a deeper pullback. But it avoided gaining traction, and just triggered no-bias. Either end of the no-bias window's range for the next hour should be defined by its 3784.25-3797.75 bias signals if tested. That said, the high's attraction could encourage no-bias trending. Regardless of its timing, the high's retest is likely to visit 3806.50-3808.00. Breaking under the bias-down signal would target the 3770.50 area.  

Gapping open from Wednesday's 3740.50 close up to 3766.00 extended sharply higher without delay. Simultaneously overbought RSIs at the morning's 3803.00 peak required an eventual retest. A pullback to 3787.50 avoided triggering bias-down, and ranged sideways through the afternoon bias window -- perhaps inhibited ahead of Friday's Employment Situation report. The final hour finally retested earlier highs up to 3804.00, and reacted back down to 3792.00. Retesting the morning's high was likely also to visit 3806.50-3808.00. It's not required, especially since there is again no unfinished business above. But now even higher highs would be likely if Friday morning isn't already exploiting there being no unfinished business. However, a new trend objective is in-play. Closing above 3757.00-3758.00 puts into play the rally's next higher target at 3884.00. A second consecutive close above 3884.00 must still confirm. So, closing back under 3757.00-3758.00 Friday would undermine the rally. A new trend high close on Friday would add to the rally's reliability, requiring at least an eventual higher close. That's one of several Friday Factors that I'll review in the morning. 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 3806.50 signal would target 3816.25. BIAS-DOWN: under 3791.00 signal would target 3781.25. NO-BIAS: between both signals. FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3815.00 3806.50 ...would target 3824.75 3816.25 Bias-down: under 3799.50 3791.00 ...would target 379.75 3781.25 Signal status: INVALIDATED BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE