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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... Wednesday night's drop to 2560.50 under intraday lows was tempered before Thursday's open, but bias-down triggered anyway. Bias-down triggered cleanly after testing its target, but rallied through the morning and noon hour up to 2593.50. Its 20-point pullback recovered to fresh highs attacking 2600.00.The ongoing series of higher highs and higher lows was maintained, albeit threatened. Overnight action's new info... There has been no follow-through to yesterday's last rally legs. Instead, reactions down have attacked and probed 2588.00 as support. Bounces have attacked and probed 2597.00 as resistance. The sideways range's lower-end is now being attacked. If, then... (notes to accompany the Tour recording) The rally's next higher objective at 2606.00 remains intact. Thursday's extra swing makes fresh highs somewhat likelier to include the room for noise up to 2626.00. Regardless, any reversal setup that includes at least a touch of 2606.00 would be credible for extending back down. Meanwhile nothing in the pattern prohibits another interim dip, limited to 2581.00 to be brief or to 2567.00 to be recoverable, while any deeper could make fresh highs unlikely. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2590.75 would be unlikely to trigger the 2588.00 bias-down signal as support. Exiting the open under 2586.00 would be likely to trigger bias-down.

Taking a little long to recover. The 2584.00 open was extended to 2577.00, where a bounce attacked the 2588.00 bias-down signal to within 2 ticks into the 10:15 timing window. Bias-down triggered, and its 2581.00 bias-down target has been retested down to 2577.50. RSIs avoided becoming oversold during both dips. There is no unfinished business below. Already recovering to avoid triggering bias-down would have been bullish, putting into play offsetting tests of both bias-up parameters. Already recovering above yesterday's 2585.00 last relative low would have been bullish to signal that sellers are weak-handed. Although the bias-down target held to avoid renewing the bias-down, this is still a bias-down environment. Recovering back above its 2588.00 bias-down signal by noon could neutralize the bearishness of not having recovered 2585.00 through the open. Otherwise, extending the decline has room to test 2567.00 before a much deeper reversal can begin.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2594.50 2594.50 ...would target 2601.25 2601.25 Bias-down: under 2586.25 2586.50 ...would target 2579.50 2579.75 Signal status: NO-BIAS, TESTED 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.

Early sellers failed, and now also so have buyers. Fridays are difficult to start trending, and difficult to stop trending once it starts. Trending attempts must start early, and early attempts that fail tend to be the session's last opportunity to trend in that direction. Today's gap down to 2584.00 probed lower to 2577.00, bouncing to 2585.00 and 2588.00 resistance -- yesterday's last relative low and this morning's bias-down signal, respectively. Both were still being tested as the bias environment lapsed. Still being tested, not already recovered. Which leaves the door open for another downleg. Recovering through the noon hour touched 2596.00, within 3 ticks of yesterday's cash session close. Its recovery could be firming and rallying through the afternoon. Except that its reaction failed to trigger the 2594.50 bias-up signal. The 2586.50 bias-down signal was tested, but too late to invalidate the afternoon's no-bias. The pattern will remain vulnerable to extending down, unless the bias environment probes positive territory.

Ultimately, Friday's session offered nothing predictive or insightful to the bigger picture. It was an Inside Day, and almost exclusively developed in negative territory. The pre-open setup we had anticipated and discussed during the Market Tour did develop, albeit slowly. Waiting so long to break the overnight range proved unable to extend, recovering back into the overnight range. The morning's bias-down triggered, but held tests of its 2581.00 target down to 2577.00. The bias-up signal's resistance broke higher as the bias environment lapsed. But only to briefly fill the gap back Thursday's 2594.00 futures close by 2 points. Another dip coming out of the noon hour was too late to trigger bias-down. Bouncing from there eventually filled the gap back to Thursday's 2596.75 cash session close. Nothing about Friday's session indicates the uptrend has ended and that 2606.00 can't be tested soon. By the same token, nothing indicates much momentum to extend through its room for noise up to 2626.00, or to maintain any intraday probe of fresh highs. And being an Inside Day, let alone shallow, gapping down under its afternoon low would be disqualified from forming a reversal setup. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2600.50 2600.50 ...would target 2607.50 2607.50 Bias-down: under 2583.75 2584.25 ...would target 2575.50 2576.00 Signal status: LATE BIAS-DOWN SIGNAL, BIAS-DOWN 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.