Proper context to start the day with a solid win, and make all the difference.

DAILY SCHEDULE Watch the pre-open Tour recording* HERE <<== *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. chaRTroom** is now open... Pre-open update is at 9:15 ET **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Relentless overnight trending probed the decline's next lower target at 3435.00 and greeted Thursday's open at 3437.00. The open's blip-down to 3431.50 was reversed up into an opening uptrend, triggering the setup's bullish resolution. Its sponsorship attacked 3464.00 by noon. Separately, the balance of the session trended up until filling the gap back to Wednesday's gap by 2 ticks at 3481.00. A last-minute dip closed at 3476.00, but the bullish PM Traction setup had already signaled. Overnight action's new info... (nearby chart is last intraday session and Globex) The momentum of yesterday's rally extended through the Globex open to test 3491.00. Suddenly sliding at midnight fell into a choppy range around unchanged, supported by 3470.50. A favorable Covid headline triggered a surge above the range to 3484.50. Its 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement just dipped back down to unchanged at 3476.00 in reaction to a Brexit headline. If, then... (notes to accompany the Tour recording) Exiting yesterday afternoon's bias window above the noon hour, and entering the final hour higher, formed the PM Traction setup, which makes this morning's bias window likely to trend up. The setup is confirmed by trending up through the first 15 minutes. The recent overnight action's catalysts suggests that headlines may be today's only meaningful influence. Beware the potential for expiration's wild card not to confirm the setup, or even to invert it. Friday Factors may also exacerbate any trending effort. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3488.75 would be likely to trigger the 3484.25 bias-up signal. Exiting the open under 3477.00 would be unlikely to trigger bias-up. Exiting the open above 3474.00 would be unlikely to trigger the 3467.00 bias-down signal.

Perfect storm. Consolidating at overnight lows down to 3470.50 had begun recovering in time to test the 3491.00 overnight high pre-open. This was itself potentially bullish for gapping up above yesterday's range that was spent exclusively in negative territory. Post-open fluctuation around the overnight high was supported by the 3484.25 bias-up signal. That was also the 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap retracement. Any probe lower was even likelier to be only temporary. But there was no probe lower. The first half-hour was entered by surging above the opening range. The surge's consolidation resolved up sharply, too, extending to 3508.50. A cluster of higher prior lows and relative highs from prior sessions coincides in that area, presenting resistance. Meanwhile, this is still a bias-up environment. And yesterday's bullish PM Traction influence applies to this morning's bias environment, which has only just begun. Friday Factors and expiration may be exacerbating the rally's productivity, and it may yet extend much higher, but this afternoon's resolution is not at all assured.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3502.00 signal would target 3514.75. BIAS-DOWN: under 3482.00 signal would target 3470.50. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3510.00 3502.00 ...would target 3522.75 3514.75 Bias-down: under 3490.00 3482.00 ...would target 3478.50 3470.50 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Slow-playing the clock. Already trending up sharply into this morning's bias environment found resistance at 3508.00 resistance. Trending down to 3486.00 through the bias environment was opposite from what yesterday's PM Traction had signaled. The first hour's productivity was substantial before expiration's influence hijacked the bullish setup. Choppy sideways ranging since then hasn't extended the reaction down. That was a lot of selling pressure, but the first hour's substantial productivity created a lot of room to expend selling pressure without it damaging the recovery's chart. Negative territory hasn't even been threatened. Exiting the bias environment above its 3496.50 highs would suggest a rally underway, targeting this morning's highs and higher. But a lot of time has passed without yet exploiting the limited pullback. It's not yet too late -- but getting there -- for a downleg into the close, which would be very productive.

Friday was full of reminders how expiration can play its wild card to alter either a triggered setup or timing windows. Thursday's bullish PM Traction helped Friday to gap up and extend sharply higher through the first hour. But the setup influenced only the bias environment's first 15 minutes, which trended up an additional respectable 14 points to test 3508.00 resistance. The balance of the window trended back down into the opening range at 3486.00. Exiting the afternoon bias environment above noon hour highs triggered a bullish Friday PM Drift setup that often extends higher through the close. But its inflection point inverted as the balance of the session collapsed down to 3472.00 through the cash session close, extending to 3461.00 post-close. Friday afternoon also formed another bullish PM Traction setup. Its influence is on the next morning's bias window. This is regardless of interim price action like Friday's late collapse, regardless of gapping up or down Monday. The bearish WedEX begs to differ. The weekend's exit may already be predictive of the morning's resolution. The difference will come to the particular price level being recovered or rejected through the open, if not also whether the opening action trends. We'll game out the likelier scenarios at Saturday Review. See details and other markets coverage in the post-market Wrap recording* here. *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. JOIN US AT 9:30 FOR THIS WEEKEND'S SATURDAY REVIEW.

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3479.00 signal would target 3490.00. BIAS-DOWN: under 3466.50 signal would target 3454.50. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3487.00 3479.00 ...would target 3498.00 3490.00 Bias-down: under 3474.25 3466.50 ...would target 3462.25 3454.50 Signal status: LATE BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE