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... Wednesday's 10-point gap up to 2646.00 extended higher through the open to test 2651.00 resistance up to 2654.00. And it was still within the gravitational pull of 2605.00, which had been put into play Tuesday afternoon. The balance of the morning resolved down into the noon hour, probing 4 points under Tuesday's low to 2612.50. Still short of the 2605.00 objective, the afternoon's bounce made it back up to 2639.50. Still far short of any trend reversal signal, the last half-hour ranged narrowly sideways to close at 2638.00-2639.00, almost flat with Tuesday's close. Overnight action's new info... Last night's action resembles the previous night's choppy sideways range. The Globex open initially dipped 6 points to 2631.00, and then reversed to probe the afternoon highs up to 2645.00. This has been repeated, with a shallow dip into Europe's opens snapping back up to retest the earlier 2645.00 overnight highs. So far, the range's upper-end hasn't broken higher, leaving a sideways range. If, then... (notes to accompany the Tour recording) Back under 2632.00 overnight could have started to resume Wednesday morning's decline. It was overlapped 2-3 times, chipping away at its support, and its reactions haven't become uplegs. Retesting 2632.00 post-open would get one chance to break lower. Otherwise, holding a test of support or simply rallying would have room up to 2656.00-2666.00 before suggesting the past two sessions have been only a temporary detour. The bullish scenario could still be revived by exploiting the past two sessions' intraday tests of last Wednesday-Thursday's 2625.00 "lower prior highs," which there's no bullish reason to revisit. Meanwhile, monitor the overnight range for a late breakout attempt within 1-2 hours of the open, which is usually retraced. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2647.00 would be likely to trigger the 2643.00 bias-up signal at 10:15. Exiting the open under 2641.00 would be unlikely to trigger bias-up.

Finally probing the overnight range's upper-end. The overnight sideways 2632.00-2645.00 range didn't break pre-open, as a test of its upper-end reacted down into the open. Neither did the range break post-open, as the reaction down held a test of the range's lower-end. The range's lower-end is also this morning's 2632.00 bias-down signal. Twice testing it had already reacted up through 10:15 to touch the 2643.00 bias-up signal, invoking the grace period. A surge to 2647.50 by 10:30 triggered late bias-up, putting into play a test of its 2650.00 bias-up target. Currently, a reaction down to 2641.00 should resume the rally back above 2644.00-2645.00. The reaction down has room to 2638.25 before suggesting a deeper dip underway. None of which speaks to the ultimate resolution of this morning's price action, which hasn't improved any upside potential.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2648.50 2648.25 ...would target 2656.25 2656.00 Bias-down: under 2635.50 2635.00 ...would target 2627.75 2627.25 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . 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.

Finally probing the range. The sideways overnight 2632.00-2645.00 range didn't break either way, not before the open or after it. Post-open trending has been contained within the range. It's always difficult to start trending from a standing stop. Which isn't to say that the range's ends aren't being tested. Support at 2632.00 was tested twice during the open's bias timing window, and touched during the noon hour. Each window isolated its test of 2632.00. Until the noon hour, whose probe under 2632.00 was extended down to 2626.00. That fulfills this afternoon's 2627.25 bias-down target. It held through 1:20 to avoid renewing the bias-down signal. There's room for noise below to also test 2625.00. Again. And potential for retesting 2625.00 to also visit 2605.00. Meanwhile, unfinished business at this morning's 2650.00 bias-up target would be the likely reward for any recovery. Room for noise above it to 2656.00 or 2666.00 would maintain the trading range, and also not yet signal it is resolving up instead of down.

Thursday's session shows how difficult it can be to trend from a standing stop. The 2632.00-2645.00 overnight range was choppy, but hadn't broken higher before the open. So, the post-open trending attempts weren't much more likely to suddenly attract sponsorship that wasn't enthused only hours earlier. Tests of 2632.00 support had been isolated until the noon hour. All of the chipping away at had begun requiring at least obligatory probe lower. The afternoon's bias-down complied by triggering and testing its 2627.25 target down to 2626.00. A test of 2625.00 was likely but not fulfilled, so neither was the ongoing potential for 2605.00. The afternoon's bias-down environment hovered at its 2635.00 bias-down signal until the window began lapsing. Eking higher to attack 2643.00 at the close stopped far short of the morning's outstanding 2650.00 bias-up target this is now "unfinished business." It's not any closer after the futures close reacted down to 2633.50 on INTC's earnings miss and lower guidance. 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 2643.75 2643.75 ...would target 2650.00 2650.00 Bias-down: under 2630.50 2630.75 ...would target 2624.00 2624.25 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.