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... Thursday's intraday drops each bounced sharply, and each bounce failed. Only  one probed a fresh intraday high, retracing the drop from 2141.25 that was triggered by Draghi's comments. That one resolved down deepest to 2126.50. Two more made lower highs resolved down, and the session ended at 2135.00. Newly created "unfinished business above" at 2141.50 lies under the previously created objective at 2145.50. Overnight action's new info... Initially trying to bounce again was cut short quickly at 2138.50. The balance of the night has trended down in an orderly series of lower lows and lower highs. A 4-point bounce from 2128.75 is now retraced entirely, hovering a couple of points above yesterday's lows. If, then... Thursday's bounces weren't the first to stop pessimistically short of resistance in recent days. That's potentially bullish from a contrarian perspective, and it has proved bullish recently, so the same bullish resolution is still getting a benefit of the doubt. But the waiting period isn't indefinite, and it's pent-up buying pressure can become irrelevant if expiration isn't exploiting it already soon after the open. Finding support at lower levels to launch a bigger rally would not be unusual -- except for expiration, which is often single-minded in its intraday trending. Regardless of gapping down, trending up from the open remains possible, and still likelier, but also necessary to avoid potentially trending down into the weekend. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2133.00 would likely avoid triggering the 2130.50 bias-down signal at 10:15. Exiting the open under 2127.75 would likely trigger bias-down.

Extended dip stops short of next target. Gapping down to test yesterday's 2126.50 low was likely to react up through the morning. Relentlessly expending selling pressure overnight, and opening at structural support, wasn't likely to produce or attract more sponsorship to its trend. On expiration, that could have gone either way -- but not ranged flat. That opportunity disappeared when pre-open action slid sharply to 2123.50. The next opportunity for reversing up would come from testing the next structural support at 2121.25. But the post-open bounce to 2127.00 was only retraced to retest its origin -- calculable support at the 2124.00 bias-down target. 2124.00 held its retest. And held. And held and held. Four attempts to break lower failed. Even the most bearish scenario was beginning to require a bounce to stretch the rubber band first. That bounce is getting to be a stretch, alright. It tested the 2130.50 bias-down signal by 1 point. It's still being overlapped, and not rejected. Enough time was spent maintaining the gap down to create an anchor, and to expect the bounce to fail. But not reversing down from here -- triggered under 2128.00 -- could fill the gap back up to yesterday's 2137.00 close.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2140.25 2133.75 ...would target  2146.00  2139.75 Bias-down: under  2134.00  2127.75 ...would target 2127.75  2121.25 Signal status: NO-BIAS 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.

SPECIAL NOTE: Do you know your password? Another layer of security is being implemented before Monday's open or else Monday night. Either way, you'll be notified at that time with instructions in case you encounter difficulty. There being no Saturday Review this weekend, we expanded the post-market Wrap to review the Bigger picture.

Watch the post-market Wrap recording here in its usual weekday format or here in its usual Saturday format.

chaRTroom will re-open Sunday night for Globex and a NEW LINK will be sent then.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2141.50 2135.50 ...would target  2146.75  2140.75 Bias-down: under  2133.75  2127.75 ...would target 2127.25  2121.25 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED 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.