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... Thursday's 2623.50 opening print was already under Wednesday's last-minute 2629.00 low. And it quickly resolved down, eventually a lot, attacking 2591.00 at the bias environment low. Already bouncing into the noon hour was extended through the noon hour, and then a little higher to 2632.50 at the bias environment high. That was actually probed momentarily by 2 points while ranging sideways through the close, supported by 2623.50... the opening print.. Overnight action's new info... It's certainly possible that the momentum of Thursday afternoon's recovery was absorbed by the negative news story about the President's lawyer. Or, not: Almost completely retracting its first two versions hasn't seen any effect. Sideways ranging has been contained between 2623.00-2633.50, remaining within yesterday's late range. If, then... Yesterday afternoon's bias environment was greeted by two strong trending actions, which usually produces one more. But yesterday afternoon's bias environment didn't. It ranged narrowly sideways, which was least likely. This doesn't invalidate the setup, rather it increases the stored energy, making a powerful move likely. It could have developed overnight, but narrow ranging persisted instead. If the Employment Situation report's reaction is only shallow, then I'll expect it to expand throughout the day. Otherwise, since no traction was gained yesterday afternoon, gapping open beyond either end of yesterday's range is likely to extend in that direction. First Trade... [Click here to view the Bias parameters] No preliminary indications are considered ahead of an Employment Situation report.

No, that's not a blind date. It's today's buyers. The market drifted pessimistically lower into the pre-open Employment Situation report. The range's 2623.00 lows had been probed to test this morning's 2620.00 bias-down signal. The knee-jerk reaction blipped-up to 2629.50. Then the blip-up was retraced entirely, and more. Fresh lows greeted the open at 2616.00 and blipped-down to attack 2612.00. Which was retraced entirely, too.

Trending straight up since then has continually peaked pessimistically short of projections. A 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of yesterday's late afternoon and overnight ranges also reflected pessimism. All of which was "ineffectual pessimism" as there was no reaction down, and the pattern is resolving up anyway. Even now, the earlier ranges' highs are inhibiting fresh post-open highs from extending above 2633.50.

No-bias has triggered, and having held a test of the 2620.00 bias-down signal, an offsetting test of the 2638.25 bias-up signal is in-play. Back under 2625.25 would start to signal a detour underway.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2657.50 2655.00 ...would target  2664.50  2662.00 Bias-down: under  2647.25  2644.75 ...would target  2640.00  2637.50 Signal status: BIAS-UP FAQ Flowcharts: Bias-UP // Bias-DN 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.

Still rallying from this morning's reversal. This morning's 2620.00 bias-down signal was tested down to 2612.25, and recovered in time to avoid triggering. That put into play an offsetting test of its 2638.25 bias-up signal. And it was tested before the first hour ended, when exceeding it would have renewed the bias-up. But it was still being overlapped. The rally extended anyway. If tested during the no-bias environment, the untriggered 2638.25 bias-up signal would be required to define the window's upper-end, or else trending above it is required to be retraced. Both constraints could be invalidated if the rally's sponsorship were to prove itself worthy -- by exiting the bias environment above its 2646.00 bias-up target. It was. And having rejected the no-bias and its required retracement, the rally has only extended. The afternoon's 2655.00 bias-up signal triggered and its 2662.00 bias-up target is being met now. The open's shallow muted reaction to the Employment Situation report has leveraged yesterday afternoon's pent-up pressure to extend sharply higher. And now the bias-up target is being probed. Welcome to Friday. Especially to Friday afternoon, and to the Friday Factors. Trending is difficult to start, and then difficult to stop. More to the point currently, exiting Friday afternoon's bias environment above prior highs on a trending day is vulnerable to extending. Beware of reversal signals, or anticipate their reactions to be brief and/or shallow.

This morning's 2620.00 bias-down signal was tested down to 2612.25, and recovered in time to avoid triggering. That put into play an offsetting test of its 2638.25 bias-up signal. And it was tested before the first hour ended, when exceeding it would have renewed the bias-up. But it was still being overlapped. The rally extended anyway. If tested during the no-bias environment, the untriggered 2638.25 bias-up signal would be required to define the window's upper-end, or else trending above it is required to be retraced. Both constraints could be invalidated if the rally's sponsorship were to prove itself worthy -- by exiting the bias environment above its 2646.00 bias-up target. It was. And having rejected the no-bias and its required retracement, the rally has only extended. The open's shallow muted reaction to the Employment Situation report leveraged Thursday afternoon's pent-up pressure to extend sharply higher. The afternoon's 2655.00 bias-up signal triggered and its 2662.00 bias-up target was ultimately probed up to 2669.50. The session ended by retracing the bias environment down to 2657.00, but no prior low was attacked. The session closed by overlapping Wednesday's 2658.50 high, and not by closing above it, so extending to 2674.00 and 2684.25 is not necessarily in-play.. Details and other markets coverage are discussed in the post-market Wrap recording here. WE'LL APPLY THIS AND MORE TO THE BIGGER PICTURE AT THIS WEEKEND'S SATURDAY REVIEW. ITS LINK WILL BE EMAILED IN THE MORNING.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2670.50  2668.00 ...would target  2676.50 2674.00 Bias-down: under  2657.75 2655.50 ...would target  2650.25  2648.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED FAQ Flowcharts: Bias-UP // Bias-DN 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.