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(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
All of Wednesday was spent in positive territory. But the pre-open and post-open probes above 2116.00-2118.00 resistance each were retraced. Firming into the close extended post-close to retest 2116.50.

Overnight action''s new info...
Another overnight drop, who knew... Wednesday''s post-close bounce to 2116.50 began falling gradually, and then more steeply, to eventually test 2110.00. A 4-point bounce met Europe''s opens at 2113.50. The meeting went poorly, triggering a plunge to 2099.75. That 3-hour old low has since ranged sideways back up to 2106.00.

If, then...
The overnight drop proves that Wednesday''s rally attempts weren''t compensating for the delay caused by Tuesday not maintaining its recovery. But the overnight drop hasn''t reversed the trend down. At least, not yet -- 2099.75 may be the lowest a dip could qualify as still being recoverable. Any lower would return so close to recent lows as to require probing under them. And that would risk triggering the Ascending Triangle pattern that began forming at Memorial Day, targeting 2078.75-2081.25. The trigger for launching a downleg is nearer than signaling new highs in-play. Counter-intuitively, that can be bullish for today if the market isn''t yet ready to trend. But the overnight drop hasn''t altered the likelihood for rally legs to be steep.

First Trade...
Exiting the open at 9:45 under 2101.50 would be unlikely to recover the 2102.25 bias-down target by 10:15, and more likely to renew the bias-down signal. Exiting the open above 2110.00 would be unlikely to trigger the 2108.00 bias-down signal at 10:15.

Amazingly wide-ranging open.

The open''s first 2 minutes ranged 4 points between 2102.00-2106.00. That was a dip, and it was recovered as quickly. That is, 2106.00 was being tested again within another 1-2 minutes. Then right back down to 2102.00. Quickly.

Actually, that last dip extended back to the 2099.75 overnight low. The overnight range can still be predictive during the first 15 minutes of volatility. And it was. Its touch launched a 7-point bounce. Its reaction down to 2102.00 surged back up to attack 2112.00.

So, a 4-point opening range, plunging 6 points, rallying 12 points. Even without trending, there''s plenty of opportunity for intraday moves.

Oh, and by the way, both bias-down parameters were rejected. The 2108.00 bias-down signal was touched to within 1 tick during the 3-minute window around 10:15. It was failing at 10:30, invalidating the no-bias, or triggering a late bias-down.

So, 2112.00''s attack has been retraced through the 2099.75 opening low''s retest of the overnight low. It can extend down to 2095.75, and still recover when exiting the bias environment at 11:30. Regardless of a lower low, the bias environment must be exited above its 2102.25 bias-down target to prevent sellers from gaining traction.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2108.50
2106.50
...would target 2113.75
2112.00
Bias-down: under 2097.00
2095.25
...would target 2091.25
2089.25
Signal status: BIAS-DOWN 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.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today''s Market Wrap.

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Surging pre-open led to Thursday gapping up. It was retraced back to unchanged for a lengthy consolidation. that tried bouncing back to the open. If maintained, that would qualify for fulfilling the pattern''s required eventual third higher close.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday''s break lower to 1180.00 extended Thursday to test 1172.50, next targeting 1158.50.

Silver Jul Contract (SI, ETF: (SLV))
Fresh lows Thursday tested the entire 16.15-16.35 target area. Breaking lower would target new lows under 15.60, but there is no requirement to break lower.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday''s reaction up from attacking the 149-08 target extended higher Thursday to 151-16. That''s probably too much optimism ahead of Friday''s Employment Situation report, and the low is vulnerable to being retested. But there is no attractive risk:reward setup in-play, especially ahead of Friday''s report.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite having originated from above 60.80, the pullback that closed under 60.30 Wednesday wasn''t rejected at Thursday''s open, which extended lower instead. The 58.75 sell signal was tested to under 57.95. A second consecutive lower close would confirm a retest of the prior lows is in-play.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing fresh lows in reaction to Thursday''s EIA report was recovered back above last Friday''s lows, but not necessarily through the close. The price action remains in-line with the bottoming pattern we''ve been tracking. Closing above 2.67 would put into play 2.83.