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 intraday pattern matched the overnight action by recovering from a plunge. The overnight reversal had come from testing 1886.00 to attack 1911.00. Intraday action bettered that after plunging to 1865.00 and recovering up to 1912.00. And the afternoon buyers gained traction for their effort, despite leaving oversold RSIs outstanding at the low. Overnight action's new info... After recovering Wednesday's last-minute closing dip, China's strength triggered a surge to fresh highs testing 1922.00. Hovering there ahead of Europe's opens was reversed down to 1908.75 -- natural support shared by yesterday's open and close. Now a bounce to 1919.50 has been retraced entirely. If, then... I had mentioned at the start of yesterday's late rally that upside potential begins at 1924.00. Higher highs overnight attacked that to within 2 points. That's a little too short of the next objective to qualify as reward for the traction gained by yesterday afternoon's buyers. Probing higher highs this morning remains likely so long as its reaction down holds the support of "lower prior highs." And that's being challenged now. But there's still room to the bias-down signal before suggesting the decline was resuming. First Trade... Exiting the open at 9:45 under 1902.50 would be unlikely to trigger the 1908.00 bias-up signal at 10:15. Exiting the open above 1914.50 would be likely to hold above the 1913.00 bias-up target through 10:15 to renew the bias-up signal.

Another opening dip is recovered. This morning's 1891.50 bias-down target had been probed pre-open by 5 ticks. Bouncing into and out of the open touched the 1908.00 bias-up signal and reversed down sharply 14 points. It took a while longer and a couple of econ reports, but the 10:15 bias timing window had surged back above the 1908.00 bias-up signal. In fact, the 1913.00 bias-up target was being probed at 10:15, by just enough to renew the bias-up signal. That has extended to touch 1917.75. Traction gained by yesterday afternoon's buyers was not rejected, so it should still be rewarded by probing higher through the morning. I won't otherwise consider a sell signal that is above the 1908.00 bias-up signal.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 1915.50  1909.25 ...would target  1920.00  1914.00 Bias-down: under  1902.00 1896.00 ...would target  1897.00  1890.75 Signal status: BIAS-UP, BIAS-UP TARGET MET 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.

PLEASE REPORT BACK TO ME IF YOU NOTICE ANY AUDIO/VIDEO ABNORMALITIES ON THE WRAP VIDEO. Anxiousness often paralyzes the market on the afternoon prior to a monthly Employment Situation report. Thursday was no different, despite triggering the bias-up signal. Its bias-up target was tested twice before falling 15-16 points back down to the open. No sponsorship gained traction. That included the decline back under the bias-up signal during a bias-up environment. Typically this is weak-handed sponsorship, since no traction will be gained for the effort. In fact, it was retraced entirely. That's potentially bullish from a contrarian perspective, especially ahead of  weighty event like Friday's pre-open report. But the late-afternoon recovery only neutralized its attraction above. No prior high was recovered to reverse momentum up. Not recovering a break lower would likely extend back to Wednesday's lows -- and being a Friday, potentially much lower. Details and other markets coverage are discussed in the post-market Wrap recording here.

When the intraday room lapses, monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  1919.00 1913.00 ...would target  1926.25  1920.25 Bias-down: under  1907.50  1901.50 ...would target 1900.25 1894.25 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET 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.