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... Tuesday morning's rally to 2940.00 sapped even more energy from the rally than had been suggested by Tuesday afternoon's narrow ranging down to 2934.00. The sideways ranging persisted overnight to greet Wednesday's open. The range expanded slightly intraday -- but not to fresh highs, only probing under Tuesday afternoon's lows. Lower and lower lows that tested 2928.00 through the close, perhaps inhibited ahead of post-close earnings from FB, MSFT and TSLA. Both of Wednesday's bias-down signals held their tests to avoid triggering, putting into play offsetting tests of their bias-up signals. The morning's 2942.00 objective remains outstanding, although the afternoon's 2937.50 bias-up signal was already neutralized to within 3 ticks by Wednesday's late-afternoon high. Overnight action's new info... Globex immediately popped-up to 2932.50 and continued firming to attack 2936.00. An abrupt reversal retraced it all into and out of Europe's opens. A 90-minute consolidation supported by 2928.00 got the confidence for a bounce. That has proved to be premature, as a 2-hour consolidation resisted by 2933.00 just spiked down to 2927.00 on MMM miss and lower guidance. But the spike was quickly retraced 5 points to where it greeted the news. If, then... (notes to accompany the Tour recording) An entire session elapsed Wednesday without immediately retracing Tuesday morning's rally, which helps to suggest the rally will resume. It's another version of pessimism, ineffectual pessimism, which is potentially bullish from a contrarian perspective. A deeper retracement first remains possible, still searching for strong-handed buyers -- and a deeper retracement first also remains likely, however brief, unless the open has already recovered back above yesterday afternoon's 2937.00 high. Note that overnight action has essentially been contained within yesterday's last half-hour range, so breaking either way within 60-90 minutes of the open will likely retrace. Unfinished business at 2942.00 and 2942.75 should help to limit selling pressure, and to attract price higher. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2930.25 would be unlikely to trigger the 2927.75 bias-down signal at 10:15. Exiting the open under 2925.25 would be likely to trigger bias-down.

Lower and lower lows meeting target. Overnight action had been contained within yesterday's last-half hour range, and that didn't change until the open. Literally, the open. The most recent bounce up to 2935.00 had been retraced to test yesterday's 2928.50-2929.50 lows at the open, on the way down to 2919.25. Its reaction touched the 2927.75 bias-down signal as resistance. And the bias-down signal's resistance resisted. Pretty well. So well, that another fresh low has touched the 2914.25 renewed bias-down target. At least 1-minute RSI diverged positively at the low, while 3-minute RSI made at least a higher low. So far, the bounce is testing the 2923.00, and back above 2924.50 would help to confirm that backing-and-filling has found its strong-handed sponsorship. Regardless of a bottom, already recovering some relevant resistance coming out of the bias environment would be bullish. And because the opportunity is being pursued so aggressively, not actually entering the noon hour in recovery mode would be that much more bearish.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2936.25 2938.25 ...would target 2943.00 2945.00 Bias-down: under 2927.50 2929.50 ...would target 2922.00 2924.00 Signal status: NO-BIAS, BIAS-DOWN SIGNAL TESTED . 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.

Is the pullback done? This morning's break from the overnight sideways range made up for lost time. Sliding from its 2929.00 open extended through its bias-down signal to test its bias-down target down to 2919.25. All during the first 15 minutes. Reacting up touched the morning's 2927.75 bias-down signal as resistance, and then plunged again. Bias-down renewed, and the 2914.25 renewed bias-down target was touched at the low. All during the first hour. Rallying almost straight up to noon touched 2935.00. That's where the pre-open slide had originated, having held the last overnight bounce. And so far, 2935.00 has held this morning's bounce, too. Now this afternoon's no-bias environment is holding the bounce. Extending higher anyway could have extended to test its 2938.25 bias-up signal without requiring any retracement. And now that the bias environment is lapsing, its resistance is diminished. Nothing requires extending higher today, or at all, but not yet reversing down under 2930.00 is likely to extend higher today -- if not also tomorrow morning.

Wednesday night's sideways range barely threatened to reverse up. Its last bounce to 2935.00 had reversed under 2930.75 sell signal and through the 2928.00 opening print, on the way to renewing its bias-down signal and meeting its 2914.25 renewed bias-down target. That took two hours, including the pre-open high. It took 90 minutes to retrace the pre-open high by noon. That's a lot of volatility. Buying and selling pressure don't offset each other, they expend themselves. Similar to Tuesday morning's surge, although not required, the afternoon ranged narrowly. Perhaps Thursday afternoon's ranging was due to more pre-earnings anxiousness, with AMZN and INTC reporting post-close. Thursday afternoon's range broke lower, but not until coming to within 3 minutes of the cash session close, which got to 2928.00. That extended another 2 points when INTC missed and guided down, reacting down sharply and erasing AMZN's initial knee-jerk reaction up. The second half of quarterly earnings is underway, and tends to be different from the first half. Probing fresh highs remains likely, but is getting less likely to be maintained. 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 2932.00 2934.00 ...would target 2938.75 2940.75 Bias-down: under 2922.25 2924.50 ...would target 2917.25 2919.50 Signal status: LATE NO-BIAS, BOTH BIAS-DOWN PARAMETERS TESTED . 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.