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... (summary of last Market Wrap) Thursday's gap up made the morning likely to trend up. Which it did initially, despite the gap being 27 points above Wednesday's close 2889.00. Nevertheless, the 2920.00 overnight high was soon probed by a touch of the 2925.25-2933.00 kill zone range's lower-end. Backing-and-filling was refueled by a headline and reached 2905.00. But the underlying uptrend retained control to recover fresh highs at 2926.50 by noon. The choppy afternoon got up to 2931.00 while fluctuating around the kill zone's 2925.25 lower-end through the close. Overnight action's new info... (nearby chart is last session and Globex) Thursday afternoon's choppiness at first extended through the Globex open to a slightly lower low at what is this morning's 2920.75 bias-down signal. Its test launched a probe above Thursday's highs, and also above the 2925.25-2933.00 range's upper-end by 5 ticks -- all before midnight. Its deep reaction probed back under 2925.25, as the kill zone drew its final breath of influence. But the deep reaction had only stretched the rubber band to launch a more powerful rally up to 2946.50. If, then... (notes to accompany the Tour recording) The rally didn't gain any traction Thursday afternoon, but that's not necessary to extend higher Friday post-open -- but it would have been helpful. Especially helpful after gapping up to fresh highs as currently indicated, but still not required since Thursday itself probed prior sessions' highs. Rallying post-open is a little likelier because yesterday's solid higher close was still hard-fought, which doesn't yet suggest a broad capitulation by sellers, or similar influx of buyers. Last night's action does all of that but only for its overnight sponsorship. Intraday action could focus more on what is now "lower prior highs" at the 2925.25-2933.00 kill zone below. Nevertheless, rallying post-open would be entirely credible if a relevant level's recovery were maintained and extended through the first 15 minutes of volatility -- the next being a Gap-to-gap 38.2-61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement at 2947.50-2950.00, the next maim zone ahead of the three-day weekend. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2939.00 would be likely also to exceed the 2937.50 bias-up target at 10:15 to renew the bias-up signal.

Post-open depths recoverable, but not required. The 2946.50 overnight high's retracement greeted the open at 2941.50, and has trended down since to 2931.50. There's nothing inherently bullish about this post-open action, which was back under the 2937.50 bias-up target in time not to renew the bias-up signal. But the upper-end of the 2925.25-2933.00 kill zone is now being tested as support. This is still a bias-up environment. If tested, its 2930.00 bias-up signal should define the window's lower-end. And back above 2937.00 would be credible for ending the pullback and reversing to probe fresh post-open highs at 2943.50. Extending down during this morning's bias-up environment would be required to retrace at least its 2930.00 bias-up signal, if not also the 2935.50 10:20 print. Regardless, attracting sponsorship for trending will be difficult with the three-day weekend's illiquidity getting closer quickly.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2929.50 2929.00 ...would target 2937.75 2937.25 Bias-down: under 2917.75 2917.50 ...would target 2910.00 2909.75 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.

The kill zone is alive and well. This morning's bias-up environment only inhibited dropping under its 2930.00 bias-up signal, but couldn't prevent it. And having failed to prevent it, at least a retracement to 2930.00 was required. At least to within 3 ticks. How about 4. Bouncing from 2913.25 got to 2929.00, which is this afternoon's bias-up signal. Its resistance has held to trigger no-bias, and should define the next hour's upper-end if retested. Meanwhile a pullback has room to test this afternoon's 2917.50 bias-down signal as support. Participation drops quickly as a three-day weekend's illiquidity approaches. So does trending potential, while trending that does begin would be difficult to stop. Extending higher could probe fresh post-open highs to 2943.50. Another downleg could retest oversold RSIs at the 2913.25 low.

The three-day weekend's impending illiquidity sucked the sponsorship out of Thursday night's rally, which had recovered 2925.25-2933.00 up to 2946.50. Gapping up to 2941.50 was still within prior highs and the first 15 minutes of volatility trended down to 2934.50. Still being above the morning's 2930.00 bias-up signal kept alive potential for recovering, but price collapsed down to 2913.25.

Price action offered 2-3 great insights into the bias environment. Regardless of being a bias-up or bias-down, sponsorship clearly wanted as the environment was lapsing at 11:30. And it began waning upon testing a bias parameter, the 2915.00 bias-down target. Also, probing under the bias-up signal prematurely required its retracement, which qualified before the close.

The 2925.25-2933.00 kill zone range was being probed by several points before coming to within 3 minutes of the cash session close. The cash session close was probing several points back under it. Neither qualifies as the kill zone holding or being rejected. Nothing prevents exiting the weekend reacting poorly to news, new or already anticipated, and reacting poorly could still recover. But rallying Sunday night through Friday's highs would be likely to extend higher Monday morning or Monday night. Details and other markets coverage are discussed in the post-market Wrap recording here. THERE IS NO SATURDAY REVIEW THIS WEEKEND.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2932.00 2931.50 ...would target 2939.25 2938.75 Bias-down: under 2914.50 2914.25 ...would target 2908.00 2907.75 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . 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.