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) 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. Overnight action's new info... (nearby chart is last intraday session and Globex) New highs before and after midnight eventually attacked 3818.00. There is complexity to the price action that forms a Globex trend extreme which requires intraday retest. Trending back down into Europe's opens extended briefly to 3798.50, which has reacted back up above yesterday's 3803.00-3804.00 highs. If, then... (notes to accompany the Tour recording) The inverse of price action before Wednesday's rally, the overnight has been relentlessly entangled by the bias-up parameters, so its resolution through the open could trend sharply into the weekend. Today's pattern will become much more crystallized upon adding the Employment Situation report's reaction. Its knee-jerk reaction retesting last night's highs should be maintained to avoid trending down into the weekend. A decline doesn't need to neutralize last night's high to be productive -- trends often leave unfinished business for the opportunity to retrace in the context of being only a temporary correction. Having probed above yesterday's range, bearish Globex-flip and Isolation setups may form by reacting back down through the open. A pullback could test 3757.00-3758.00 without negating the rally's next higher target at 3884.00. Meanwhile, among today's Friday Factors is that a new trend extreme close would add to the rally's reliability, requiring at least an eventual higher close. Bias Parameters... (linked here)

Rogue leg? Holding up at or above the 3806.50 bias-up signal through every relevant timing window had made it increasingly to trigger. Which it did. the post-open test of the 3816.25 bias-up target had held an early test, but its retest was put back into play. Bias-up did trigger at 10:15. And at 10:30 it was invalidated. Dropping back under the bias-up signal by then invalidated whatever had been triggered cleanly. It's too late for an offsetting test of the 3791.00 bias-down signal to be in-play. Trending down any deeper isn't even required. Just having held up through the open creates a position of strength that should help to absorb the dip. Resuming the rally would next target 3819.50 and 3825.25. Otherwise, extending down has room to run.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3809.00 signal would target 3819.50. BIAS-DOWN: under 3797.00 signal would target 3785.00. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3817.00 3809.00 ...would target 3827.50 3819.50 Bias-down: under 3805.00 3797.00 ...would target 3793.00 3785.00 Signal status: BIAS-DOWN . BIAS VIDEOS... INTRO // EXAMPLE

Equilibrium persists. My pre-open update had noted the equilibrium price reaction to the Employment report. This inferred that convincing trending would be attempted in either direction, and fail. This morning's two trending attempts produced a gap up, and then a temporary reaction down. But the morning otherwise only ranged sideways around 3806.50-3808.00. That left buyers one bite at the apple for resuming the rally, to retest the 3818.00 overnight high and higher. But that bite turned obligatory resistance at the 3810.25 open into a bigger reversal down. An unfavorable stimulus headline (Sen Manchin's comment) triggered a deeper slide. This afternoon's 3797.00 bias-down signal triggered, and its 3785.00 bias-down target is being probed to 3775.00. Simultaneously oversold RSIs along the way are making higher lows, albeit still oversold to require an eventual retest. If this morning's equilibrium persists, then this afternoon's convincing slide could still be reversed back up. Its catalyst seems to be a headline, and its knee-jerk reaction has been retraced by only 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6}. Any higher to 3792.00. Any higher should retrace the reaction's origin, if not also higher. Otherwise, nothing prevents the decline from extending, with room to 3757.00-3758.00 without invalidating the rally's higher objectives.

The relatively muted reaction to Friday's Employment Situation report had signaled Equilibrium. The morning fluctuated choppily sideways around 3806.50-3809.00 to fulfill the setup. So did the morning, dipping to 3775.00 and recovering up to 3823.25. Oversold RSIs were left outstanding at the low, while the new trend extreme Friday close now requires at least an eventual higher close. Overnight highs had enough complexity to qualify as a Globex trend extreme requiring intraday retest. That is neutralized, but Friday was also a second consecutive close above the 3750.00's to confirm 3884.00 is also in-play. None of which precludes an immediate downleg coming out of the weekend. Unfinished business left outstanding above would help to ensure it was only a temporary correction. We'll identify the possible paths and their price confirmations 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 3821.50 signal would target 3831.00. BIAS-DOWN: under 3806.50 signal would target 3796.25. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3829.50 3821.50 ...would target 3839.00 3831.00 Bias-down: under 3814.50 3806.50 ...would target 3804.25 3796.25 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE