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) Tuesday night's pullback neutralized its "unfinished business" at 2998.50, bottomed, and then awaited Wednesday's open. Which surged 12-points to 3011.25. Its reaction down was recovered through the noon hour, triggering bias-up. Eventually the recovery became a rally, trending up relentlessly without concern for high-profile earnings coming after the close. Last Monday's gap up was neutralized up to 3022.00, qualifying as a new trend high close. Overnight action's new info... (nearby chart is last session and Globex) A post-close dip to 3017.25 began recovering at the Globex open, firming steadily to attack 3025.00 twice by Europe's opens. That was just complex enough to form a "new Globex trend extreme." Price action since then has only dipped back into yesterday's range, now testing 3019.00. If, then... (notes to accompany the Tour recording) Last Sunday night's 3023.50 "new Globex trend extreme" still required intraday retest, but now that is replaced with last night's 3024.75 high. The setup is usually tested the same day, but not always. But I would expect its retest today -- and also for the rally to at least attack its next higher objective at 3033.00 -- so long as no reversal setup triggers. Speaking of which... Having probed the intraday high overnight, opening back under the earlier Globex low could form a bearish Globex-flip. The earlier Globex low is 3018.00-3019.00. This would contradict the traction gained Wednesday afternoon. It was rewarded already by probing new highs, but usually trends higher throughout the morning. Regardless, triggering bias-down would get every benefit of the doubt for backing-and-filling this morning instead. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3021.50 would be unlikely to trigger the 3024.00 bias-up signal at 10:15. Exiting the open above 3021.50 would be unlikely to trigger the 3017.50 bias-down signal.

After triggering a bearish Globex-flip. The 3024.75 overnight high had reacted back down under yesterday's high to 3019.00 during this morning's pre-open Market Tour. The 3017.00-3018.00 earlier Globex low was being attacked. Exiting the open under it would have isolated the probe above yesterday's high to the overnight, and reversed momentum down through the morning. That didn't happen. And then it did. Rather than extend down after the Market Tour, a surge to fresh highs at 3027.75 established a new "new Globex trend extreme." That, too, reversed down to threaten the 3017.00-3018.00 earlier Globex low -- much more forcefully. Probing it pre-open tested 3015.00, its reaction greeting the open back at 3019.00. And then post-open action collapsed. The 3010.25 bias-down target was probed down to 3004.25. Another reaction back up to 3010.25 avoided renewing the bias-down signal, which is now being attacked up to 3015.50. This is still a bias-down environment, and the Globex-flip can reassert itself anytime this morning.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3013.00 3014.25 ...would target 3018.50 3019.75 Bias-down: under 3001.25 3002.50 ...would target 2995.25 2996.50 Signal status: LATE NO-BIAS, TESTED BIAS-DOWN 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.

Bearish Globex-flip may still be active. After probing yesterday's high overnight, exiting the open back under the earlier Globex low triggered a bearish Globex-flip. The setup influences the morning. Unless it's replaced by a bullish influence coming out of the noon hour, its bearish influence should persist through the next morning. This morning was under bearish influence. Exiting the open under the 3017.00-3018.00 earlier Globex low then trended down sharply to attack 3004.00. Its reaction up to 3016.00 was retraced entirely by noon, and then extended to 2998.00 during the noon hour. This afternoon's 3002.50 bias-down signal avoided triggering late. That's not the equivalent to a buy signal. An actual buy signal has triggered back above 3006.25, but that should also be retraced entirely if the bearish Globex-flip's influence remains intact. Exiting the bias environment back above its 3014.25 bias-up signal could negate the bearish Globex-flip. Meanwhile, trending back down into today's close is likely, and then likely to extend tomorrow morning.

Is it, or isn't it? Despite a "new Globex trend extreme" at 3027.75, the open formed a bearish Globex-flip setup Thursday. It triggered by exiting the opening 15 minutes of volatility at 9:45 under the 3017.00-3018.00 earlier Globex low. The setup influenced the morning, initially down to 3004.25, then a 12-point bounce resolved down to 2998.00 into the noon hour. Another 12-point bounce tried to resolve down into the final hour, but made a higher low instead of new low. Regardless of extending down in the afternoon, no buy signal was maintained and no bottom formed. That should mean the bearish Globex-flip remains influential through Friday morning, too. Gapping up enough above 3016.00 could invalidate its influence, and rally into the weekend. The afternoon might do that anyway, after remaining under pressure through the open. 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 3010.75 3012.50 ...would target 3018.00 3019.75 Bias-down: under 2999.25 3001.00 ...would target 2992.00 2993.75 Signal status: BIAS-UP, BIAS-UP TARGET MET . 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.