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 **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Overnight weakness included a miniaturized collapse down to 3890.00 like Wednesday and Thursday's intraday collapses. Its pre-open recovery resumed post-open, preventing bias-down from triggering. Its offsetting test was probed up to 3919.50, and the noon hour pullback extended to 3908.00. Exiting the afternoon bias window reversed back up, eventually surging and then getting squeezed to new highs at 3935.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Despite the late timing of Friday's closing surge, it only extended higher since then. Another 17 points before Monday's Globex close, then 7 more points up to 3959.00 Monday night. All of which qualifies as a Globex trend extreme. Sliding since midnight is now retracing Monday night's push to test the 3946.25 bias-up target as support. If, then... (notes to accompany the Tour recording) Monday night's push actually originated where Sunday night first surge had peaked. So, sliding since midnight is retracing all higher highs since Sunday night's first surge. It's still somewhat comfortably above the 3935.50 earlier Globex low, so the burden of proof hasn't shifted to buyers. And now another upside attraction has been created at the Globex trend extreme requiring intraday retest, along with the Friday trend extreme close requiring at least an eventual higher close. Further weakness could be rewarded by also at least correcting Friday's late 20-point extension down to 3921.00 or to 3914.50 -- that late extension makes the overnight rally that much more vulnerable to being retraced. Meanwhile, the rally's next higher target at 3977.00 is only 18 points higher than the overnight peak. Bias Parameters... (linked here)

Dipping through the open is absorbed. The pullback from testing 3959.00 overnight had attacked 3938.00 pre-open, then extended down to 3931.50 through the open. That's within 3 ticks of Friday's cash session close, after the opening thrust had already held a retest of the pre-open low, and also of the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap support. And the post-open low was also threatening not to trigger bias-up. All of which was recovered in time to trigger late bias-up. The 3946.50 bias-up target is in-play, with no requirement to contain a bigger rally. Back under 3935.00 would start to suggest the post-open dip was gaining control, for whatever duration and to whatever degree. The rally's momentum otherwise remains intact.

TUE P.M. BIAS

At 1:20 the P.M. BIAS is NO-BIAS BIAS-UP: above 3935.00 signal would target 3943.75. BIAS-DOWN: under 3921.00 signal would target 3913.50. NO-BIAS: between both signals.

Satchel Paige bounce ("don't look back"). Extending down into the noon hour didn't honor the morning's bias-up signal, albeit triggered late. But Friday's late surge was retraced by at least 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} down to 3919.00. Like no-bias trending, probing under the 3936.25 bias-up signal during the bias-up window required being retraced. Bouncing through the noon hour just came to within 2 ticks of 3936.25, neutralizing its attraction. But it's too late for this afternoon's 3935.00 bias-up signal to trigger. Chipping away at its resistance while waiting for the window to lapse would be well positioned to rally into the close. Meanwhile, there was plenty of time and proximity to trigger bias-up. Triggering a sell signal would likely target fresh session lows, more thoroughly retracing Friday's late surge from the 3914.00 area.

Trend extremes aren't associated with holiday weekends. More so, rallying through the 3-day weekend into Monday's night's 3959.25 high formed a Globex trend extreme that requires intraday retest. Tuesday left it outstanding by trending back down into the open. Correcting 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of Friday's late surge down to 3919.00 bottomed upon entering the noon hour. Its reaction up to 3936.50 peaked upon exiting the bias window. Backing-and-filling into the 3927.00 cash session close finished slightly negative from Friday. The 3959.25 Globex trend extreme requires intraday retest, which would include a gap fill back to the 3943.00 gap above all prior highs. Otherwise the gap wouldn't be considered unfinished business, being largely filled and in a 3-day weekend context. Having only one upside attraction makes the market more vulnerable to an interim dip. Gapping up Wednesday would be credible for extending higher intraday. 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 [NOT the direct link].

WED A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET MET BIAS-UP: above 3932.00 signal would target 3941.50. BIAS-DOWN: under 3918.50 signal would target 3904.25. NO-BIAS: between both signals.