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

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

Through the prior close... Wednesday's 2152.25 pre-open high wasn't a "new Globex trend extreme" requiring retest intraday, making it more easily reversed post-open down to the 2139.50 morning low. The balance of the session recovered choppily and gradually to attack 2148.00, ending essentially unchanged around 2145.00. No traction was gained, but there was a second consecutive close above 2143.00 and bullish WedEX triggered. Overnight action's new info... A shallow dip was supported for awhile by 2143.00 before firming back up to Wednesday's 2148.00 post-open highs. A surge attacking 2158.00 into Europe's opens was extended up to 2162.00 out of Europe's opens. And a consolidation there broke higher to touch 2168.00. JPM earnings triggered a reversal down that has extended to 12 points as BOE keeps rates unchanged, touching 1256.00 where Europe opened. If, then... The second consecutive close above 2143.00 created higher objectives at 2158.00 and potentially also 2168.00. The latter was the overnight high, and it is reacting down already 14 points. But complexity during the rally to 2168.00 makes it a "new Globex trend extreme" that requires being retested intraday, often the same day. Maintaining a gap up above Wednesday's 2149.00 highs is the only credible path to resuming the rally without delay, or at least to ensure that a post-open dip would be recovered. As does the bullish WedEX. A post-open pullback might take advantage of having three upside influences helping to ensure that a dip would be recovered. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2158.00 would be likely also to exceed the 2154.75 bias-up target at 10:15 to renew the bias-up signal.

Post-open dip recovers, but doesn't reverse. A gap up was maintained, but not extended. The rally's trend remains entrenched, but in need of refueling.

Opening at 2160.25 immediately extended down to 2155.50 throughout the entire first 15 minutes of volatility. That's a retest of the 2156.00 area where the overnight rally had greeted Europe's opens. And its where the overnight reaction down from 2168.00 had bottomed.

Simultaneously oversold RSIs at the retest of 2156.00 enabled a bounce. Despite probably being only obligatory, the bounce reached fresh post-open highs up to 2163.00.

2155.50 doesn't provide much refueling for the rally. Extending higher to retest the overnight high up to 2169.00 would likely reverse down more substantially. But a deeper pullback could produce a more durable upleg from 2153.00 2153.00 is in-play so long as 2160.00 isn't recovered. Back above 2162.00 would start to signal the high's retest underway already.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2168.75 2162.25 ...would target  2175.00  2168.75 Bias-down: under  2162.75  2156.50 ...would target 2157.00  2150.50 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.

The open's range is holding. Sliding 6 points through the open from 2161.50 was recovered to a fresh post-open high at 2163.00. That's still 5 points short of the overnight high. But the balance of the morning only stair-stepped back down to the open's low.

At least, toward the open's low.

The open's low is being avoided. Less and less so, with each dip. But still avoided. That's optimism, which is potentially bearish from a contrarian perspective. Back above 2160.00 would be credible for resuming the rally. The overnight high is a "new Globex trend extreme" which requires intraday retest, probably up to 2169.00. Testing it first would likely react down even more substantially than already. But first probing fresh post-open lows -- probably also testing 2153.00 -- would likely launch a retest of the overnight highs by a wider margin.

The 2168.00 "new Globex trend extreme" wasn't retested Thursday. Its retest is required at some point intraday. Meanwhile, there is also "unfinished business below" at Thursday afternoon's 2150.50 bias-down target. Whichever is tested first should be reversed to test the other. Either could be probed by 7 points before reversing. Thursday's bounces still maximized their "ineffectual optimism" before reversing. But those reversals were too shallow to be considered excessive pessimism, which would have been bullish from a contrarian perspective. It's not yet enough of a disparity to prevent the WedEX's bullish bias into and out of expiration. Dipping Friday morning back into the Tuesday-Wednesday range down to 2048.00 or 2043.00 could clean out near-term pressures. But only gapping up Friday morning and extending higher would be credible for extending into a blow-off rally leg. 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  2167.75 2161.50 ...would target  2175.00  2168.75 Bias-down: under  2158.25  2152.00 ...would target 2153.25  2147.00 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL FAQ 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.