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CHARTROOM LINK(s)
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o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
After retracing Wednesday''s gap up from testing 1938.00 back down to unchanged attacking 1916.00, price firmed back into the afternoon''s econ report testing 1936,00. A couple of attempts to reverse back down were absorbed, not necessarily easily, before the last several minutes surged to attack 1947.00 and 1949.00 into and out of the cash session close.

Overnight action''s new info...
Surging after the Globex open extended up to 1957.50. That was retraced entirely to attack 1944.00. But, much like Wednesday afternoon''s failed reactions down, not actually reversing the trend only led to another surge. Piercing the.original surge up to 1958.50 has since been hovering above yesterday''s close

If, then...
Not breaking beyond the range by Wednesday''s close before a three-day weekend, price action is likelier to remain within the range. The next nearest attraction above is Monday''s "higher prior lows" at 1967.00. Despite gapping up, its test need not be attacked aggressively. Retracing much of yesterday''s late surge is possible while still resolving up. The only bearish scenario prior to re-testing Monday''s range would be to retrace all of yesterday''s late surge.

First Trade...
Exiting the open at 9:45 under 1953.50 would be unlikely to also exceed the 1954.75 bias-up target at 10:15, which would renew the bias-up signal. Exiting the open above 1957.25 would be likely also to recover the bias-up target at 10:15. Exiting the open under 1943.25 would be unlikely to trigger the 1948.75 bias-up signal at 10:15.

Pre-open spike''s retracement is recovered.

The pre-open spike touched 1968.75 -- testing the 1967.00 upside attraction back to Monday''s "higher prior lows" -- before reversing back down to its ~1955.00 origin. And lower, attacking 1952.00. Its reaction up had reversed back down through the open to 1951.50.

But as I described while it developed, there was no significant difference between that action and yesterday afternoon. This morning''s reaction to its news was a much steeper spike up than yesterday''s eventual firming after the Beige Book release. Still, each instance saw two attempts to reverse down that failed.

And each failed reversal attempt became swept up by a timing window. Yesterday was the position-squaring window at 3:37-3:52. This morning was the opening 15 minutes of volatility through 9:45. And there the similarities return, as each extended 15 points higher before correcting.

Each has also gone on to higher highs. In fact, the pre-open spike up''s 1968.75 high was just touched. Reacting down has violated its 1967.25 pullback limit by 2-1/2 points. Back under 1962.50 would start to signal a deeper correction underway. But recovering 1967.75 would resume the rally.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 1969.75
1967.50
...would target 1975.50
1973.25
Bias-down: under 1964.25
1962.00
...would target 1957.50
1955.25
Signal status: waiting for trigger 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.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today''s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Wednesday''s delay wasn''t entirely inappropriate for the recovery''s timing, if the recovery were still valid. Regardless, any further delay to recovery would be replaced by a new downleg. Just failing to gap up Thursday was already a warning. The morning''s plunge was by then old news. At this stage, recovery hopes depend upon not confirming Thursday''s break with a second consecutive lower close Friday.

Gold Dec Contract (GC, ETF: (GLD))
Thursday''s continued weakness from Wednesday''s test of the bounce target could have resolved up if it has resolved up aggressively. Breaking lower instead has put the 1125.70 pullback limit to a retest, which must hold to avoid a deeper and unpredictable pullback..

Silver Dec Contract (SI, ETF: (SLV))
Even Gold''s weakness Thursday couldn''t motivate Silver to fill the gap back down to last Wednesday''s 14.35 opening gap, which would allow a recovery to be credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sideways ranging Wednesday seemed uninterested in the stock market strength, but there is still no pattern that requires resolving one way or the other next.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday''s bounce off the prior low under 46.00 had initially extended higher Thursday to probe above 48.00, requiring only to close positive to maintain the potential for retesting the highs up to 50.10.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Greeting Thursday''s EIA report not from a position of strength nevertheless settled higher. Not back above the range''s upper-end, but attacking it, so that any early strength Friday would be credible for extending higher.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 1957.50
1955.25
...would target 1965.00
1962.75
Bias-down: under 1942.25
1940.00
...would target 1936.25
1934.00
Signal status: waiting for trigger 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.