Proper context can start the day with a solid win and make all the difference.

NEW DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A [NOTE: chaRTroom IS A NEW FORMAT, LOGIN EARLY PLEASE]

Through the prior close... Wednesday's relatively shallow gap down probed the 2350.00 bias-down signal by 1 point. The offsetting test of its 2358.00 bias-up signal was soon fulfilled. A pullback to 2352.00 was recovered to trigger the afternoon's 2355.75 bias-up signal. Its 2362.00 bias-up target was left outstanding at the close, which had only attacked Tuesday's 2360.50 high. Overnight action's new info... The Globex open attacked Wednesday's 2355.75 bias-up signal as support and firmed back up to 2358.00. Asia's opens triggered a spike up that immediately fulfilled the intraday 2362.00 objective. Its gradual reaction down reached 2358.00 well before midnight. Europe's opens triggered a break lower, which has extended into negative territory down to 2353.50. If, then... The overnight high touched this morning's 2362.50 bias-up signal before reversing down. That's not post-open, so it doesn't require an offsetting test of the bias-down signal. But as noted during yesterday's Market Wrap, neutralizing the 2362.00 attraction overnight would be free to trend down before the open. And the pattern through Wednesday's close was likely to resolve by almost literally exploding up or imploding down -- the overnight reaction suggests the latter. Somehow recovering pre-open could find an air pocket up to 2369.00. But continuing to resolve down would target unfinished business below at 2339.75-2342.25. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2354.50 would be unlikely to trigger the 2351.75 bias-down signal at 10:15. Exiting the open under 2349.75 would be likely to trigger bias-down.

Holding resistance through a relevant window. Again. Despite touching and reacting to the 2362.50 bias-up signal overnight, an offsetting test of the 2351.75 bias-down signal wasn't in-play. In fact, after reacting down pre-open to within 6 ticks of the bias-down signal, rallying into and out of the open reached the bias-up signal. But the grace period was invoked, and it wasn't exploited. So, this is a late no-bias environment. The 2362.50 bias-up signal should define the morning's upper-end. And an offsetting test of the 2351.75 bias-down signal is in-play. Since this recovery already includes no-bias trending, we must consider potential for extending higher anyway. And although this morning's action hasn't exploded up to fresh highs, it did explode up from the open's dip. Fresh highs would open that door.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2370.00 2366.00 ...would target  2375.75 2372.00 Bias-down: under  2363.75 2360.00 ...would target  2357.00  2353.00 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL FAQ INTRO VIDEOS #1 and #2 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.

No-bias trending is retraced. The open didn't almost literally explode higher. At least, not above Tuesday-Wednesday highs. But neither did the pattern implode lower. Post-open action did trend almost straight up from gapping down. So, the pattern isn't yet required to reverse down. No-bias trending required reversing down eventually. Not just Tuesday's from 2342.25, but also this morning's probing above its 2362.50 bias-up signal. It was touched at the overnight high, and probed this morning up to 2366.75. But its attraction below has been neutralized by dropping into the noon hour down to 2359.00. That tested this afternoon's 2360.00 bias-down signal. Which held. It should now define the bias environment's lower-end. Even if tested again, at least until the bias environment lapsing begins. Meanwhile, a bounce can try (and may be trying) to test the afternoon's 2366.00 bias-up signal. An air pocket above to 2369.00 has already been utilized, but could be retraced.

Naturalizing the Wednesday's "unfinished business above" at 2362.50 overnight was vulnerable to reversing down. Which it did. Reversing down into Thursday's open was vulnerable to trending down. Which it did not. And since trending down Thursday morning had been likely to almost literally implode, consolidating the gap down soon marginalized sellers. Bouncing kept the door open to probing higher. Even failing to trigger the 2362.50 bias-up didn't prevent "no-bias trending" to fresh highs. The prematurely broken bias-up signal was retraced down to 2359.00 at the noon hour lows. The morning's "unfinished business below" at its 2351.75 bias-down signal remained outstanding. Instead, the afternoon bounced, stopping pessimistically short of touching the morning's highs. Trending higher was possible, but it didn't. Once again, reversing down has only a limited window of opportunity to exploit. So, not trending down abruptly at Friday's open would suggest extending the rally into the weekend. And fresh highs can be probed overnight and rejected into Friday's open. The only unfinished business outstanding is below. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2370.00 2366.25 ...would target  2375.50  2372.00 Bias-down: under  2361.75  2358.25 ...would target  2356.75  2353.00 Signal status: NO-BIAS FAQ INTRO VIDEOS #1 and #2 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.