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

In this morning's pre-market Tour, I listed the incorrect econ reports for today. They are post-open, and only LEI is both high-profile and has a track record of influencing price action. ...Rod

Through the prior close... Thursday's backing-and-filling was likely after having surged for five consecutive sessions since a breakout, and then entrenching the trend with a bullish WedEX. Drifting overnight still greeted the 2348.00 open up 5 ticks from Wednesday's cash session close, and then surged 2 points. Sliding down to 2336.75 probed under the morning's bias-down signal and also neutralized "unfinished business below" from Wednesday. The balance of the session bounced choppily up to 2347.25. Overnight action's new info... Initially dipping to 2343.00 was recovered entirely up to 2347.50. But only momentarily before giving it all back, and greeting Europe's opens back down at 2343.00. And that was only momentary, too, as price soon broke sharply lower to within 1 tick of Thursday's 2336.75 low. Its reaction has bounced to test 2341.00. If, then... Wednesday's rally had gained traction for its efforts, which wasn't invalidated, so it should still be fulfilled by probing higher. The bullish WedEX also suggests probing higher, or at least recovering from any dip. The first influence should inhibit a durable drop, and the second influence should facilitate firming or rising through the afternoon. Neither of which prevents the morning from consolidating, if not also backing-and-filling to lower levels. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2342.00 would be unlikely to trigger the 2339.75 bias-down signal at 10:15. Exiting the open under 2338.00 would be likely to trigger bias-down.

Holding support before this afternoon's WedEX. Yesterday's 2336.75 low had been attacked to within 1 tick overnight. It was pierced by 1 point before the open. It was touched only two minutes before the open, and held. That's just noise, and not stretching the rubber band so it can snap back up. Its reaction was likely only to test 2343.00. Attacking it to within 1 tick was reversed to touch the 2339.75 bias-down signal. And only touch it. No-bias triggered cleanly, putting into play an offsetting test of the 2348.25 bias-up signal. Already piercing a fresh high up to 2343.25 after 10:15, invalidating the upside objective is possible only by exiting the bias environment under the 2337.25 pre-10:15 low. Nothing requires recovering this morning. But if not yet rallying through the noon hour, then the bullish WedEX would have little excuse not to rally into the weekend.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2344.75 2343.00 ...would target  2350.00  2348.25 Bias-down: under  2338.25  2336.50 ...would target 2333.50  2331.50 Signal status: NO-BIAS 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.

Trending up from Friday's morning bias environment low at 2337.75 extended higher through each remaining timing window. Fresh session highs were probed all the way through the close. The morning's bias objective to test 2348.25 was pierced by 2 ticks. No "unfinished business above" was left outstanding. It was a new trend high close, on a Friday. But not until after coming within 3 minutes of the cash session close. Until then, Wednesday's prior high close was being overlapped, if that. And Friday's high was still under Wednesday's high. So, no more new trend high close is required.

Nevertheless, new highs are likely, since trend extremes just don't develop into expirations and/or three-day weekends. NDX performance compares well among major indexes, suggesting that strong hands have a healthy speculative interest. Fresh highs would next target 2366.00.

Friday afternoon's price action aligned with the actively bullish WedEX signal. So, Monday morning's price action is expected to behave bullishly, too. Of course, U.S. markets are closed Monday for the President's Day holiday, and the signal's influence is assured where expiration isn't relevant. But markets tend to allow each other to fulfill their objectives. Details and other markets coverage are discussed in the post-market Wrap recording here.

REMINDER: There is no Saturday Review due to the holiday weekend. The chaRTroom will re-open Sunday night for Globex, which trades through 1:00 pm ET Monday. Enjoy the weekend!