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 afternoon's slide had resumed overnight, and extended back down to probe Monday's 3077.00 anchor by 1 point. Its pre-open bounce reversed back down for the open's blip-down to only attack 3077.00 by 1 point. Neither fulfilled an intraday retest that would have collapsed if probed any lower. And the pattern was prohibited from ranging sideways. So it rallied through the noon hour to fulfill upside targets and resistance at 3095.50 and 3097.00, that was required to hold if tested. Coincidentally, a China trade headline almost immediately triggered a collapse to test the afternoon's 3087.00 bias-down signal that was also required to hold if tested. The headline was retraced to almost touch 3095.50 and Wednesday's final minutes fluctuated choppily back down to unchanged at 3091.25-3092.00. Overnight action's new info... (nearby chart is last intraday session and Globex) China economic data produced a brief early surge that attacked 3100.00 that reacted down sharply to attack 3088.00. That defined the lower-end of sideways ranging through Europe's opens. A blip-up attacked 3097.00 before retracing almost entirely back down to 3088.00. If, then... (notes to accompany the Tour recording) At least Wednesday's pattern was prohibited from hugging the open, and was required either to break lower and to bounce. As I described during yesterday's Market Wrap, the pattern at Wednesday's close require any specific resolutions. That helps to explain the overnight sideways action which has repeatedly probed either end of a 3091.00-3095.00 range. This setup is running out of time to produce a trend this morning. Trying to trend within 60-90 minutes of the open would likely be reversed post-open back into the overnight range. Not yet even trying to trend through the open would likely be stuck within the overnight range, forming a "Dry Cleaners morning." Or, a "Watch the Televised Hearings morning," which seems to be the culprit. Trending that is attempted before the open, and reversed back into the range, would at least be vulnerable to trending from the retracement, and we'll monitor for the setup. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 3090.75 would be unlikely to trigger the 3088.00 bias-down signal at 10:15. Exiting the open under 3093.25 would be unlikely to trigger the 3097.00 bias-up signal.

Overnight range remains intact. This morning's 3088.00 bias-down signal was tested repeatedly overnight, and held every test. Including the open's blip-down, which immediately reacted back up to resistance at yesterday's 3092.50 cash session closing equivalent. The gap back up to yesterday's 3095.50 futures close has been filled, too. "No-bias" triggered along the way. Having held a test of the bias-down signal, an offsetting test of the 3097.00 bias-up signal is in-play. Noise within the pattern suggests it will be probed by 3-4 ticks if tested. Meanwhile, still holding the overnight range through the open is difficult to trend beyond. No "dry cleaners morning" setup formed, so trending would be credible if attempted. But that would mean exceeding  the 3088.00-3097.00 bias signal range.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3091.50 3090.25 ...would target 3097.50 3096.25 Bias-down: under 3082.50 3082.50 ...would target 3078.00 3077.00 Signal status: noN-BIAS, STILL TESTING BIAS-UP 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.

Diving expedition found buyers, but only so many. Holding a test of this morning's 3088.00 bias-down signal through 10:15 had put into play an offsetting test of its 3097.00 bias-up signal. Filling the gap back up to yesterday's 3095.50 futures close held as resistance, and the bias environment ranged choppily sideways. Having failed to break higher, but with "unfinished business" above, I noted the likelihood for the market to try finding stronger-handed buyers below. My objective was 3084.25, but the bias environment exit collapsed to 3081.75. Nevertheless, that bar held, and was reversed up to 3092.75. Now this afternoon's 3090.25 bias-up signal has failed to resolve its test. Being overlapped both at 10:20 and 10:30 has triggered "noN-bias." Not bias-up required to hold the bias-up signal as support, and not no-bias required to hold the bias-up signal as support. The 3097.00 unfinished business can be met in this environment and neutralized. Its test remains likely anyway. Another drop under 3088.00 would start to siganl a deeper drop underway.

Thursday's open was greeted by a sideways overnight range defined by its 3088.00-3097.00 bias signals. Wednesday's pattern had left no setup requiring any particular behavior or objective, and the range persisted through the morning. Holding a post-open test of the 3088.00 bias-down signal had put into play an offsetting test of its 3097.00 bias-up signal. But it was attacked only up to Wednesday's 3095.50 close. Two reactions down were absorbed. One originated from the morning's 3095.50 gap fill and tested 3082.00. It had been largely recovered and perhaps headed higher, when it was ambushed by a China trade headline that triggered a second reaction back down to 3083.00. That reaction was also recovered, and the morning's 3097.00 "unfinished business" above was probed by 1 point through the close. No new objective was created, leaving Friday's session without any requirements to guide it. Having said that, sellers probably need to gap down under Thursday afternoon's 3083.00 low to retake control. And the alternative would be vulnerable to trending up into the weekend. 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 3102.25 3101.00 ...would target 3110.50 3109.25 Bias-down: under 3093.00 3092.00 ...would target 3085.50 3084.50 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.