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... Tuesday's last-minute 7-point surge up to 2979.75 resistance absorbed an overnight correction to gap up Wednesday at 2983.25. A required test of the overnight high's "new Globex trend extreme" attracted price higher to resume the rally. Which it did, extending throughout the session. A failed reversal setup at 2988.00 entrenched the rally through the close. Its next higher objective at 3000.00 was attacked to within 1 tick at the cash session close, and probed up to 3001.50 at the futures close. Overnight action's new info... Wednesday night's Globex open spiked up to 3006.00 and back down again to hover at 2997.75 as support.The blip-up was never repeated, but still contributes to a "new Globex trend extreme" that requires intraday retest -- often the same day. Thursday's special close did recover up to 3003.75, which is Friday morning's bias-up signal. Its retest last night also held, and reacted down into Europe's opens -- on the way down to 2993.25. If, then... (notes to accompany the Tour recording) There was no higher objective in-play as of Wednesday's close, but now 3003.75-3006.00 requires being tested intraday. That's a structural objective, being identified by having traded there already. Otherwise, there's no higher calculable objective, not until closing cleanly above 2997.75, which is the room for noise under 3000.00 -- it wasn't exceeded until after coming to within 3 minutes of Wednesday's cash session close. And now 2997.75 is being probed as support, perhaps as only a little defensive posturing ahead of the pre-open Employment Situation Report. If today were to collapse back under Wednesday's lows, Wednesday's gap above all prior highs would create a new attraction above at 2983.25. Regardless, continue being suspicious of trending attempts today as volume contracts to its slowest pace yet. First Trade... [Click here to view the Bias parameters] There are no preliminary indications ahead of an Employment Situation report.

Early-entry setup establishes sellers in charge. Overnight lows at 2993.25 held into the pre-open Employment Situation report. But its knee-jerk reaction up to 2997.25 snapped right back down to 2984.00. Forming a Symmetrical Triangle there, and already probing lower pre-open, created the opportunity for an early-entry.

The setup is that Symmetrical Triangles often break falsely in one direction before reversing more substantially in the opposite direction. But this was an overnight creature, so its influence would lapse with the opening 15 minutes of volatility. Not yet displaying its reversal property by 9:45 would instead allow the pattern's break lower to extend.

Bouncing up to 2997.25 would fail under 2984.75, which the open pierced and never looked back. Under 2997.75 put into play 2973.00, which is being probed now by 2 points. Its oversold RSIs suggest that any bounce will fail. The next lower objective would be 2965.50. This being a Friday, not containing or rejecting an early trending attempt tends to be irreversible into late-afternoon. Interim bounces are likely doomed to failure. It's also possible to extend much more deeply. Regardless, Friday morning bias signals tend to persist through the noon hour. But beware the more common Friday Factor that stops trending either way during the afternoon bias environment.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2981.50 2984.75 ...would target 2988.25 2991.50 Bias-down: under 2973.50 2976.75 ...would target 2966.50 2969.75 Signal status: BIAS-UP . 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.

Friday Factors drift. The objective of this morning's decline at 2973.00 was probed momentarily by almost 2 points before snapping back up sharply. Oversold RSIs at its lower require an eventual retest, but they don't prevent a detour. Like the detour straight up from the low. Almost straight up. Reacting down before the noon hour was soon recovered. This morning's 2989.50 bias-down target was touched and held before entering the afternoon bias environment. It was the only semblance of the morning bias signal's influence persisting through the noon hour, which Fridays often do.

This afternoon's 2984.75 bias-up signal triggered, and its 2991.50 bias-up target is already probed up to 2993.25. RSIs are diverging negatively, but noise has room another 3 ticks higher before signaling the bounce is extending into the close.

Meanwhile, back under 2989.50 would start to signal the trend reversing back down, at least to the 2984.75 bias-down signal, if not lower to 2979.75 and, 2973.00 and potentially 2965.50.

Friday's defensive posturing ahead of the Employment Situation report was more pessimistic than its reaction. Trending down from the 3004.00 overnight high greeted the pre-open report at 2983.25. Falling through the first hour got to 2971.25, the room for noise under its 2973.00 objective. Oversold RSIs at the low will require its eventual retest. But Friday Factors allowed room back up to 2989.50 through the noon hour. Extending higher into the final hour touched the rally's original 2997.75 target. Friday's final hour drifted back down to 2988.25, where a last-minute surge did nothing relevant. Friday's recovery never got back into the orbit of Thursday night's 3004.00 high, a "new Globex trend extreme." The setup requires intraday retest, often the same day, but not always. And not Friday. The afternoon's rally gained traction for its effort. The bias environment lapsed at 2:30 above the noon hour's range, and the final hour was entered even higher. Any other day of the week would be reliable for rewarding its sponsorship overnight and/or through the following morning. Its influence is less reliable over the weekend, but still likely if not already trending down at Monday's open. Details and other markets coverage are discussed in the post-market Wrap recording here. NO SATURDAY REVIEW THIS WEEKEND. CHARTROOM RE-OPENS SUNDAY AT 6:00 PM ET.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2995.25 2998.50 ...would target 3000.75 3004.00 Bias-down: under 2980.50 2984.00 ...would target 2973.50 2977.00 Signal status: LATE 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.