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

DAILY SCHEDULE Watch the pre-open Tour recording* HERE <<== *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. chaRTroom is now open... Pre-open update is at 9:15 ET

Through the prior close... (summary of last Market Wrap) Tuesday night's rally to its 3335.50 new high was a "new Globex trend extreme" requiring intraday retest. Wednesday morning's 3337.50 high retested it soon after the open's blip-down to 3328.00. The 3337.50 high also met the morning's renewed bias-up target to within 1 tick. Trending down for the balance of the day extended to 3319.25. The 3321.50 cash session close was unchanged from Tuesday. Overnight action's new info... (nearby chart is last intraday session and Globex) Wednesday's low had bounced one last time up to 3325.75 before being retraced through the futures close. That extended down sharply to 3313.00 through the Globex open. Ranging sideways up to 3321.00 has persisted throughout the night. If, then... (notes to accompany the Tour recording) Wednesday rejected its intraday probe of new highs only so far as to close unchanged back under prior highs. Its new high had probed above a multi-session range. Chipping away at resistance can be bearish when that resistance holds, which undermines upside momentum, but at least Wednesday didn't close back in negative territory. Yesterday failed to create new upside attractions while neutralizing others, but last week's breakout and Friday trend extreme still require a higher close. So, the trend otherwise remains up, with potential for already recovering the overnight dip might through the open. Otherwise, another dip to 3308.00-3311.00 or even to 3295.00-3298.00 may be needed to find sponsorship lower. Only two consecutive lower closes under 3316.00-3319.00 can signal something more bearish than a temporary pullback. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3316.00 would be likely to trigger the 3318.00 bias-down signal at 10:15. Exiting the open above 3320.75 would be unlikely to trigger bias-down.

A multi-session range breakout? Gapping down to 3313.50-3316.00 extended down sharply and relentlessly to 3301.25. Its reaction formed an Ascending Triangle up to 3307.50 that has broken higher to test 3313.00. That's often bearish, trying to reverse the downtrend from an Ascending Triangle. Often, the reversal would hold at 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} or 161.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} above its 3307.50 resistance, then resume the decline sharply lower. But this recovery attempt hasn't been rejected. Still testing the 3311.00 bias-down target prevented renewing the signal. Bouncing back up to the 3318.00 bias-down signal is possible this morning. And that would get beyond the Ascending Triangle's room for noise to suggest its recovery attempt isn't the false break. In fact, a fresh high is now attacking 3315.00. Back under 3309.00 would signal the drop is resuming to 3295.00-3298.00.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3312.50 3311.75 ...would target 3318.75 3318.00 Bias-down: under 3303.00 3302.00 ...would target 3296.75 3295.75 Signal status: LATE BIAS-UP . 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.

Interim support delays the pullback's completion. Tuesday's pre-open test of 3308.00-3311.00 proved sufficient to end the holiday weekend's pullback and recover to new highs. An intraday test could still be productive, but not so far. The open's collapse fell through it to 3301.50. This morning's reaction got up to 3315.00 before dipping back down to 3303.00. Recovering through the noon hour has triggered this afternoon's 3311.75 bias-up signal. Its 3318.00 bias-up target is already being tested up to 3319.75, probing the gap-2-gap retrace from yesterday's close. Closing above 3318.00-3320.00 would suggest today's test of 3308.00-3311.00 has held and the pullback is reversing back up. Not resuming the decline at tomorrow's open could rally straight up into the weekend. Otherwise, closing under 3311.00 would confirm this is only a corrective bounce since exiting this morning's bias environment. Back under 3313.50 would start to signal momentum reversing down.The next lower objective at 3295.00-3298.00 would be underway.

Wednesday's drop from 3337.50 down to 3321.50 never tried recovering overnight, which ranged sideways between 3313.00-3321.00. Holding an overnight test of 3308.00-3311.00 had contained the holiday weekend's pullback. Holding its test again would avoid a deeper pullback. Thursday's gap down collapsed to 3301.25, and then ranged widely through the noon hour up to 3315.00. The afternoon's bias-up triggered, and the afternoon rallied through the overnight highs and into positive territory up to 3327.00.

Wednesday's intraday high wasn't maintained above the prior two sessions, which could have formed a breakout. Thursday's intraday break under those same two prior sessions also wasn't maintained, also avoiding a breakout in the opposite direction. Suddenly facing these challenges confirms the ongoing warning since the recent Pivot Reversal that fresh highs are now likely to be briefly held.

Closing back above 3318.00-3320.00 indicates that the test of 3308.00-3311.00 has held. If the pullback from Wednesday's intraday new high is done, then the minimum objective is new highs. An interim pullback has room down to 3316.50 without damaging Thursday's recovery. Two setups from last week still require at least one more new trend high close. A new trend high close on Friday would further entrench the rally. Not holding a pullback's test of 3316.50 could reject Thursday's recovery and extend the pullback to 3295.00-3298.00. Last week's "unfinished business" above would still suggest that even a deeper pullback is only temporary. See details and other markets coverage in the post-market Wrap recording* here. *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3330.00 3329.25 ...would target 3335.25 3334.50 Bias-down: under 3320.50 3319.50 ...would target 3314.25 3313.25 Signal status: INVALIDATED NO-BIAS, TESTED BIAS-UP SIGNAL . 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.