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) Wednesday morning's relatively shallow gap down wasn't deep enough to reverse Tuesday morning's strong uptrend. That same uptrend made Wednesday morning likely only to range choppily sideways before Tuesday morning's rally might resume. Might resume doesn't mean the rally must resume, and it didn't. Wednesday afternoon only narrowed the morning's 2985.00-2997.50 range to 2985.50-2993.00, and might resolve Thursday. Might resolve means the ranging should resolve. "Unfinished business" was left outstanding at the afternoon's 2981.00 bias-down target. Overnight action's new info... (nearby chart is last intraday session and Globex) Wednesday's narrower range persisted through midnight, greeting Europe's opens at the range's 2985.50 lower-end. The market has been straight up since then, soon rallying back to yesterday's 2997.50 high. A pullback was brief as news hit of a Brexit deal having been reached. That triggered a surge to fresh highs attacking 3007.00, which was eventually corrected by 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back down to 2998.00. If, then... (notes to accompany the Tour recording) Gapping up and trending relentlessly through the morning tends is usually rewarded after its correction. Yesterday's dip is now rewarded, albeit only very slightly, and probing yesterday's highs intraday is still likelier. Actually gapping up above yesterday's highs can either extend without interruption, or correct through the morning at Tuesday's highs. Yes, hovering again through the morning is still possible, that's why they call it a pattern. "Unfinished business" at 2981.00 is now an anchor to undermine any rally that doesn't maintain a probe above resistance or breaks back under support. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2999.00 would be likely to trigger the 2995.50 bias-up signal at 10:15. Exiting the open under 2993.50 would be unlikely to trigger the 2995.50 bias-up signal. Exiting the open at 9:45 above 3005.00 would be likely also to exceed the 3003.00 bias-up target at 10:15 to renew the bias-up signal.

Strong-handed buyers rewarded. The overnight rally attacking 3007.00 was the least reward for Tuesday morning's buyers, having extended a gap up through the morning and hovering through the close. Usually the reward is offered post-open, and now the interim pullback to 2996.50 has recovered up to 3008.00. So, structurally, Tuesday morning's buyers are rewarded, as are yesterday's buyers that supported the correction. Also, the 3003.00 bias-up target was exceeded through 10:15 to renew the bias-up signal. Without a fresh high after 10:15, the renewed bias-up isn't yet confirmed. Reacting back down to the 3003.00 bias-up target's support is not required to hold. But resuming the rally would next target 3013.00-3014.00. Back under 3000.50 would start to signal the renewed bias-up has failed. Having already rewarded buyers, reversing down under 2998.00 could extend without any requirement to recover.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3011.50 3011.00 ...would target 3004.50 3004.00 Bias-down: under 2988.25 2988.00 ...would target 2981.25 2981.00 Signal status: NO-BIAS . 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.

But a path higher. Despite renewing this morning's bias-up signal, the 3008.00 10:15 high was never exceeded to confirm upside momentum. The reaction trended back down to enter the noon hour at 2990.50. This is one of the two bullish scenario, the other having been to simply extend higher without delay or detour. Instead, backing-and-filling into yesterday afternoon's range has filled the gap back to yesterday's close. And the noon hour's exit retraced to 2998.00 where the morning bias environment began lapsing. Converting this into an afternoon rally can extend sharply higher through tomorrow morning. Exceeding this afternoon's 3004.00 bias-up signal before the window begins lapsing wouldn't be optimal. But there's still room down to 2994.50 before signaling that momentum is reversing down.

Tuesday's gap and go rally was rewarded for Wednesday's shallow correction by probing fresh highs overnight and Thursday morning. The 3006.75 overnight high was less impressive for being a knee-jerk reaction to the Brexit news. The 3008.00 post-open high was more considered, and that much more impressive. It exceeded the bias-up target. Only a fresh high after 10:15 would have been more impressive. It also would have avoided an interim dip back down to Wednesday's 2990.50 cash session close. But the dip's impressive origin helped to isolate it between exiting the bias environment and exiting the noon hour both at 2998.00. Nothing at this point in the pattern should prevent resuming the rally, and fresh afternoon highs were probed up to 3002.00. Except for afternoon anxiousness ahead of post-close earnings announcements, little at this point should delay resuming the rally, so the rally should already resume into Friday's open if resuming at all. Similarly, with no "unfinished business" or other active attraction above, trending down at Friday's open would be vulnerable to extending lower. Whether up, or down, Friday Factors are likely to exacerbate any initial trending. 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 3003.50 3003.00 ...would target 3009.75 3009.25 Bias-down: under 2993.75 2993.50 ...would target 2988.25 2988.00 Signal status: noN-BIAS, STILL TESTING BIAS-DOWN SIGNAL . 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.