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

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

Through the prior close... Rallying into two overnight retests of Monday night's 2900.00 high had preceded Thursday's 2898.00 open. But the opening hour ranged sideways to signal a Dry Cleaners morning. The morning bias environment's exit collapsed under it 2891.50 low to 2885.50, and then only ranged sideways through the afternoon bias environment's exit. The final hour bounced back up to 2893.50, which was too late and too shallow to confirm momentum had reversed back up. It was the seventh consecutive session of intraday ranging, supported at or above 2880.00 or 2886.00. Overnight action's new info... Firming a little further through the Globex open attacked 2896.00. Ranging sideways through midnight continued attacking 2896.00. Not until after Europe's opens did the range break, which it did with a vengeance. China economic and monetary developments triggered a spike up to 2900.00, which extended up to 2906.00. And now a consolidation there has resolved up to attack 2909.00. If, then... (notes to accompany the Tour recording) Fresh highs above 2900.00 remained likely as each of this week's downlegs was weak-handed, and also each downleg was retraced. But is this only an obligatory probe of fresh highs. Extended narrowing ranges become vulnerable to breaking falsely in one direction before reversing more substantially in the opposite direction. So, fresh highs are vulnerable to reversing down, from anywhere in the 2902.00-2911.00 range. Not reversing down already through the open, at least as a warning shot, would become more vulnerable to extending in that direction -- especially this being a Friday. And this being a Friday, reversing overnight strength early enough would be likely to reverse down sharply. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2904.50 would be likely also to exceed the 2902.00 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2898.00 would be likely at least to trigger the 2895.75 bias-up signal.

Gap up's extension fails. Room for noise above 2902.00 up to 2911.00 was probed by 3 ticks pre-open. Its consolidation down to 2908.25 fluctuated narrowly through the open, and then surged even higher to attack 2915.00.

But the fresh high's reaction down to 2911.00 never recovered. Still overlapping it at the top of the hour started to suggest the post-open surge was weak-handed.

Not that the trend must reverse down -- the potential for a quick post-open collapse became invalidated not only by the post-open surge, but also by coming so far past the open. However, retracing the open's gap became likely. The retracement's 2904.50 target is met and pierced by 3 ticks. Back above 2907.25 would start to signal a retest of the 2908.25 open, if not also 2911.00. Otherwise, fresh pullback lows under 2903.75 would target 2898.00.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2906.75 2911.00 ...would target 2913.25 2917.50 Bias-down: under 2895.25 2899.50 ...would target 2889.75 2893.50 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE 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.

MARKET WRAP IS 30 MINUTES EARLY AT 3:03 ET (I'm away from the screens for the last half-hour). This morning's reaction down to its 2904.50 target got 3 ticks deeper before bouncing 3 points on oversold RSIs. RSIs diverged positively into a lower low at 2902.50, which also tested the 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement between yesterday's close and today's gap up.

With the morning's bias environment ending, the reaction's sponsorship was likely done. More so, being a Friday, the morning's bias-up undercurrent was likely to persist through the noon hour. The setup was likely to bounce.

The bounce's objective at 2910.00-2911.00 held its test. Also being the bias-up signal, this is now a no-bias environment. So, 2911.00 should define the window's upper-end. Trending higher into the weekend is possible -- again, it's Friday. No-bias trending during the no-bias environment is possible, too -- same reason. Never underestimate Friday afternoon trending when a morning counter-trend attempt has failed. Meanwhile, no further upside is required, and there remains vulnerability to the downside.

The long-awaited likely test of 2902.00 was neutralized well before Friday's open, by surging from under 2896.00. Its room for noise up to 2911.00 was eventually pierced by 3 ticks, also before the open. The open's gap up surged to attack 2915.00, in time to suggest that any reversal would be relatively shallow and temporary. Its reaction held a 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the open's gap, natural support. The balance of the session firmed coming out of the morning's bias environment. The afternoon's bias environment was resisted by 2911.00 until the very last-minute blipped up to 2913.00. The was a new trend high close on a Friday all but requires at least an eventual higher close. Gapping up above all prior intraday highs all but ensures recovering from any interim pullback, too. The quarterly earnings onslaught takes a much higher profile next week. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2909.50 2914.00 ...would target 2914.50 2919.00 Bias-down: under 2901.50 2906.00 ...would target 2804.50 2899.00 Signal status: NO-BIAS INVALIDATED . BIAS VIDEOS... INTRO // EXAMPLE 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.