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) Complexity during Wednesday night's 3859.75 high qualified it as a Globex trend extreme that requires eventual intraday retest. Thursday morning's 3861.00 bias objective was left outstanding to become unfinished business. And despite ranging widely sideways intraday up to 3853.50, bullish PM Traction formed that anticipates Friday morning will trend up. Overnight action's new info... (nearby chart is last intraday session and Globex) Trending down gradually hesitated briefly at the 3840.75 bias-down signal before extending to the 3831.50 bias-down target a more protracted test through midnight. Breaking lower into Europe's opens has extended down to 3814.50, off 32 points from yesterday's close. If, then... (notes to accompany the Tour recording) Wednesday's deteriorating breadth continues to impact the market, holding it flat yesterday and now sending it down overnight. Its relentless overnight trending may issue bullish or bearish influence for this morning. Unfinished business at 3860.00-3861.00 may require an eventual recovery, but not necessarily today. Lower post-open action could collapse to 3795.00-3800.00 with intraday reinforcements, unless the suddenly discounted price already discounts the breadth deterioration. Yesterday's bullish PM Traction setup does support the latter, despite gapping down. But a fresh bearish immediate setup -- such as trending down during the first-15, or exiting the open under overnight lows -- can override the PM Traction before its bullish influence begins. Even if the morning does trend up, nothing can marginalize sellers in negative territory. Bias Parameters... (linked here)

Conflicting setups, taking turns? The overnight low touched 3813.25 before finally bouncing, greeting the open at 3826.25 -- off 20 points from yesterday's cash session close. The bounce extended to touch the 3837.25 gap-to-gap proxy before reacting down. That reaction just attacked its 3821.00-3822.00 target area to within 1 tick, and bounced again. If this dip was just a detour, then it's time to start resuming the pre-open bounce. The bias-down window has room to test its 3840.75 bias-down signal until the window starts lapsing. The first-15 minutes didn't invalidate yesterday's bullish PM Traction setup, and it also suggested the relentless overnight trending had attracted counter-trend sponsorship. They make possible fresh post-open highs by noon. Fresh post-open lows still ignoring the bullish influences would suggest the overnight decline has resumed. Potential to 3795.00-3800.00 would be in-play.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3843.50 signal would target 3850.50. BIAS-DOWN: under 3831.50 signal would target 3820.00. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3851.25 3843.50 ...would target 3858.25 3850.50 Bias-down: under 3839.00 3831.50 ...would target 3827.50 3820.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Morning's bullish setups lapsed. The post-open dip attacking 3822.00 was reversed back up in time to fulfill the two bullish setups. Yesterday's bullish PM Traction setup expected the bias window to trend up, and the relentless overnight trending setup expected to reverse the overnight direction. They were instrumental in anticipating the dip would hold its target, and in being confident of its complete recovery. Fresh post-open highs at 3842.50 fulfilled both. But neither of the morning's setups have any influence going forward. Price remains in negative territory, keeping the burden of proof on buyers. And no-bias just triggered for this afternoon. Still, having responded earlier to the 61.8 gap-to-gap retrace, now probing it suggests the actual gap back to yesterday's 3846.25 close will be filled. Higher prior lows and unfinished business lie above it if a rally starts to emerge. Meanwhile, nothing requires trending further today in either direction.

Thursday's bullish PM Traction setup wouldn't be affected by the 33-point overnight slide to 3813.00, or by Friday's gap down. Its influence on the morning's bias window only needed the open not to trend down. And it firmed, which also signaled the relentless overnight trending setup would be bullish, too. Neither bullish setup could prevent a post-open 15-point dip to 3822.00. But they anticipated the dip would both hold and reverse up to fresh session highs. Testing 3842.50 at noon marked the session high -- except for a brief late probe up to 3845.00 that reacted down hard to 3830.50 through the close. Friday's entire session had developed in negative territory, so sellers couldn't be disqualified. And buyers had missed every afternoon opportunity to restart the earlier rally. The week ends with no new predictive setups or unfinished business to add to 3860.00-3861.00. Meanwhile, issues breadth continues to deteriorate, suggesting the rally's 3884.00 objective won't be met for long, if at all. We'll discuss relevant levels and paths at Saturday Review. 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. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3842.00 signal would target 3851.25. BIAS-DOWN: under 3828.75 signal would target 3821.25. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3849.75 3842.00 ...would target 3859.00 3851.25 Bias-down: under 3836.25 3828.75 ...would target 3828.75 3821.25 Signal status: BIAS-UP . BIAS VIDEOS... INTRO // EXAMPLE