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... Thursday's 2719.00 open was greeted by a very recent breakout from what had been a contained overnight range. Its The 2727.00 origin was likely to be retraced, despite extending down to the morning's 2707.00 low. Its recovery peaked at the morning's 2722.50 bias environment high, which was a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the pre-open breakout's segment. And it was enough for another drop to the afternoon's 2699.75 the afternoon's low. Bouncing from there was still overlapping the morning's low into the close -- neither rejecting its break nor extending it. Overnight action's new info... Sentiment shows no signs of pessimism as this morning's Employment Situation report approaches. Thursday morning's 2707.00 low held a couple of tests as support until finally surging to 2718.50 into of Europe's opens (no defensive posturing). A quick 5-point dip recovered to probe a fresh high by 1 point, but only momentarily as price action since then has only fluctuated narrowly around the 2718.50 prior high. If, then... Closing back under the morning's low decisively Thursday would have triggered a signal, that the corrective bounce from Tuesday afternoon had peaked, resuming Tuesday's break under the prior two-week range. Still overlapping the morning's low at least keeps the burden of proof on buyers. Buyers already failed to produce a second consecutive higher close Thursday above 2711.00 and 2715.00, and now a second consecutive lower close Friday would confirm the trend reversing down. Nevertheless, initial strength Friday would be credible for extending higher intraday. Otherwise, oversold RSIs at Thursday's low weren't retested overnight, and their attraction would be a minimum objective if gapping up is avoided or quickly falters. First Trade... [Click here to view the Bias parameters] Preliminary levels are not contemplated ahead of an Employment Situation report.

Substantial follow-through already produced. Multiple (2) similar setups of gapping open and trending substantially intraday had made at least a third similar occurrence likely. Friday's open gapped up to 2721.50, touched its 2720.75 bias-up target, and then extended sharply higher to 2729.00. The 2727.25 renewed bias-up target was overlapped at 10:15 to avoid renewing again. That didn't prevent fulfilling the next higher objective. It just needed a little assist. Reacting down from 2729.00 targeted at least 2721.50, which a quick collapse quickly fulfilled. It was retraced entirely just as quickly, and then extended to 2733.50. The next higher objective was defined as anything above 2733.00. That was quick. Too quick. The collapse never consolidated before reversing back up. No accumulation or complexity before recovering the prior upleg's violated pullback limit. Those setups tend to hold the prior high's setup. Indeed, the reaction down from 2733.50 got to 2725.00. Any deeper would likely test 2720.75. Being a bias-up environment, there's room down to its 2714.25 bias-up signal. Maybe in a knee-jerk reaction to a headline, but otherwise I don't expect its test this morning. Meanwhile, back above 2730.50 would at least target a fresh high before sellers try to retake control again.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2735.50 2735.00 ...would target 2741.50 2741.00 Bias-down: under 2724.50 2724.25 ...would target 2718.25 2718.00 Signal status: LATE BIAS-UP FAQ Flowcharts: Bias-UP // Bias-DN 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.

Upside influences lapsing. This afternoon's 2735.00 bias-up signal just triggered, late with the grace period's assistance. That was by a narrow margin of 2 ticks, despite having been to 2737.00 just minutes earlier. And 2735.00 was touched only a couple of minutes later, which would have triggered noN-bias. So, take this afternoon's bias-up signal with a grain of salt, or trade it carefully. Today's rally was relying on an afternoon bias-up to help it extend higher. Friday morning's bias tends to persist through the noon hour, but that window has lapsed. Also, Fridays rarely trend throughout, so even the gap-and-run setup's influence has lapsed. And now 2735.00 is being probed as support. It's also the rally's current pullback limit, so it's on the verge of being violated. The sell signal currently at 2731.75 can be threatened under 2733.00. But there's no requirement otherwise to trend in either direction, as Friday afternoons are difficult to attract sponsorship or reinforcements.

Friday's gap-and-run extended substantially, fulfilling all upside objectives. That included probing above 2733.00, which was the next higher objective above 2725.25-2727.25. Friday morning's bias signal also persisted through the noon hour. And although the afternoon's 2735.00 bias-up signal triggered, its 2-tick margin was suspicious enough before also being retraced entirely within a couple of minutes. So, there is no "unfinished business above." No new unfinished business below was created, but Thursday's oversold RSIs at 2699.75 remains outstanding. Departing from the common Friday afternoon template, the trending session ended in retracement. Not extending earlier trending would be more typical, as typical as extending higher, in either case being unlikely to attract counter-trend sponsorship. But sellers made an effort by exiting the bias environment under the noon hour highs despite an interim probe of fresh highs. Sellers gained traction by probing fresh afternoon lows through the 3:10-3:20 proxy window. But that was where the reaction down ended. The close bounced back up to 2733.00. The break had potential for extending to 2723.50-2724.25, which isn't required, but now represents the range for noise below. Details and other markets coverage are discussed in the post-market Wrap recording here. SATURDAY REVIEW STARTS AT 9:30 ET, ITS LINK WILL BE EMAILED IN THE MORNING.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2735.75 2735.50 ...would target 2741.25 2741.00 Bias-down: under 2725.25 2725.25 ...would target 2718.75 2718.75 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED FAQ Flowcharts: Bias-UP // Bias-DN INTRO VIDEOS #1 and #2 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.