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... (summary of last Market Wrap) Absorbing an early overnight dip was rewarded by hovering narrowly around Wednesday's 2891.50 high, resisted by the lower-end of 2896.00-2898.00 resistance. Its upper-end was probed by a last-minute break higher that was maintained through Thursday's open. It soon resumed, and extended relentlessly higher to exit the noon hour at the upleg's 2933.00 target. Ranging sideways back down to 2924.50 didn't break higher until the position-squaring window, too late to be sponsored by strong hands, but enough to close at 2939.00-2940.00. Overnight action's new info... (nearby chart is last session and Globex) Life comes fast. Proof that Thursday's breakout lacked strong-handed sponsorship came immediately. A post-close China trade headline triggered a gap down by Globex. The opening print was back under the 2933.00 breakout, and its extension probed back under the afternoon's 2924.50 support to attack 2916.00. Its reaction hit resistance of the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap retracement back to Thursday's close at 2935.00. The excitement soon gave way to narrow ranging that persisted through midnight and Europe's opens, which only now is probing under its 2923.00 lower-end, attacking the earlier Globex low down to 2918.00. If, then... (notes to accompany the Tour recording) Coming into Friday and its Friday Factors, Thursday's last-minute surge could be its greatest enemy since no unfinished business was left outstanding above. Not already reversing down under Thursday afternoon's low through Friday's open could extend higher anyway. Probing under Thursday afternoon's low overnight hasn't yet proved that it is reversing momentum down. Absorbing it quickly could produce a more credible rally into the weekend. Otherwise, opening under Thursday afternoon's low could see another rush for the exits. Be aware that Friday Factors can exacerbate either trending attempt, and also that Friday morning bias signals tend to persist through the noon hour. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 2920.25 would be likely also to exceed the 2921.75 bias-down target at 10:15 to renew the bias-down signal. Exiting the open under 2925.25 would be likely at least to trigger the 2928.50 bias-down signal. Exiting the open above 2933.00 would be unlikely to trigger bias-down.

Friday morning bias tends to persist through the noon hour. The biggest concern coming into today was that the relatively narrow, non-trending overnight session was foreshadowing the same for us intraday. It didn't. Two attempts to trend down under the 2921.75 bias-down target had been recovered through the 2928.50 bias-down signal up to 2935.50. The second of those recoveries developed through the open. In other words, post-open action never tested support, and only tried to rally.

This being a Friday, post-open trending attempts that fail tend to marginalize its own sponsorship. But one more step was needed -- to attempt trending down without being absorbed, too.

That step came when the open's surge up to 2935.50 was reversed back under a sell signal at 2927.00 that has only extended down. Despite not renewing the bias-down signal, the bias-down influence has extended to 2907.50. This being a Friday, the morning's bias signal tends to persist through the noon hour. The next lower attractions at yesterday's 2898.50 open and the 2896.00-2898.00 area has plenty of time to be met. That might require absorbing a bounce that developed from RSIs diverging positively on the low's retest, now attacking 2917.00.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2911.75 2911.25 ...would target 2918.50 2918.00 Bias-down: under 2900.75 2900.25 ...would target 2894.50 2894.00 Signal status: BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE 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.

Downside objective met. Upside, too. The next lower attraction at yesterday's 2898.50 open was met to within 2-3 ticks by noon. While that had potential to serve as the low, or to be tested down to 2896.00-2898.00, further selling pressure wasn't necessary. Friday morning bias signals tend to persist through the noon hour, and price began firming when the noon hour exit was within view. A China trade headline leveraged the improving conditions to trigger a surge up to 2923.00. Reacting down to 2912.50 still ended within 3 minutes and then recovered further. Bias-up triggered cleanly and now the recovery is attacking 2928.00. Back under 2919.00 would start to signal potential for an attack on session lows, if not also another downleg. But Friday afternoons following steep moves in either direction often just range sideways into the weekend.

Friday's range was the week's second narrowest, but much more predictable. A failed initial trending attempt on Friday morning then tends to reverse substantially in the opposite direction. And the post-open blip-up to the 2935.50 overnight highs had soon reversed back into the overnight range. The likely attraction to Thursday's 2898.50 open was met to within 2-3 ticks by noon. Reversing up through the balance of the session didn't gain traction, and never recovered positive territory. It came within 3 points of the open's blip-up, touching the upper-end of Thursday afternoon's 2924.50-2933.00 range (blue box on chart), and then collapsed again to close decisively back under Thursday afternoon's lower-range. Exiting the open under Thursday afternoon's 2924.50-2933.00 range had helped to confirm the open's blip-up had been reversed. Recovering to close back above the range would have signaled that the dip was done. By the same token, closing under Thursday morning's 2914.00 low would have confirmed the dip wasn't done. Either way, now that's for Monday to determine. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2929.75 2929.25 ...would target 2937.75 2937.25 Bias-down: under 2911.75 2911.25 ...would target 2903.50 2903.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE 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.