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) Gapping up Thursday was the only way to extend Wednesday's rally since no traction had been gained for the effort. The 3433.00 overnight high was the rally's next higher target, and reacting down to Wednesday's 3417.00 high was recovered through Thursday's open. Despite the open forming a position of strength, the morning only ranged choppily sideways at or under 3433.00. And the afternoon only ranged narrowly around 3433.00. A post-close surge finally met the next higher 3341.00-3344.00 target up to 3347.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Trending up through the open makes the earlier Globex low reference point 3447.00-3449.00. The post-close surge was extended immediately up to 3456.00. A brief extension up to 3460.00 was reversed back down to greet Europe's opens attacking 3445.00. Flat-to-higher since then had recovered up to 3456.00, which is reacting down quickly to 3447.00. If, then... (notes to accompany the Tour recording) Thursday's shallow base has been very productive, just not by its sponsorship. That intraday crowd was only likely to test 3341.00-3344.00, and that test was likely to fail. That area is now support, somewhat, more so a landmark that should start to identify a reversal if broken through a relevant timing window. Exiting the open back under the 3447.00-3449.00 earlier Globex low to trigger a bearish Globex-flip -- or holding its test as support through the open -- would likely trend in that direction through the morning. The open's gap up would require being retested eventually from below, but wouldn't prevent trending down initially. Friday Factors could exacerbate either effort. Neither of which can prevent knee-jerk reactions to stimulus headlines. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3458.25 would be likely also to exceed the bias-up 3455.00 target to renew the bias-up signal Exiting the open above 3446.75 would be likely to trigger the 3442.25 bias-up signal. Exiting the open under 3436.50 would be unlikely to trigger bias-up.

But only sideways ranging since the Globex open. Surging almost 20 points from yesterday's close through the Globex open reached the 3455.00  bias-up target. Overnight contained 2-3 trending attempts that were retraced to continue rotating around the 3455.00 spindle. The open surged to a fresh high at 3461.50 and then reversed down to 3449.50, each probe returning to 3455.00. A more significant trending attempt is likely at some point. Another 1-2 trending attempts in either direction wouldn't be surprising. And they should be convincing, right up until the point where they are reversed. Trending up would likely test the 3465.00 area to within 2 points. Any higher could extend to 3480.00. And either attempt would still be vulnerable or even likely to reverse back down. Trending down would at least target 3445.00 to within 2 points. Any lower would target the lower prior highs that is also the upper-end of yesterday's range. Trending of some sort is likely, because today's open duplicated yesterday's opening pattern and the rule of alternation precludes a similar resolution today. Meanwhile, Friday Factors keep the door wide open to afternoon trending if the morning does not.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3475.00 signal would target 3484.50. BIAS-DOWN: under 3463.00 signal would target 3450.50. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3483.75 3475.00 ...would target 3494.25 3484.50 Bias-down: under 3471.75 3463.00 ...would target 3459.25 3450.50 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Any more shoes to drop? Consolidating the open's gap up was similar to yesterday's opening setup. So, the alternation rule suggests today's resolution should be different. Yesterday ranged sideways. Meanwhile, ranging choppily overnight and through the first hour around the morning's 3455.00 bias-up target had suggested another 1-2 trending attempts would develop in either direction. Convincing trending, that nonetheless is reversed. Favorable stimulus headlines triggered a surge up to 3474.00 through the bias environment exit. Its overbought RSIs don't require a retest. Its reaction down to 3464.50 is trying to reverse down, targeting 3453.75-3456.50. Fresh highs would be no-bias trending that requires being retraced. Any further favorable knee-jerk headline reaction would be redundant and likely to snap back down. Reversing back down with or without fresh highs need not trend sharply lower, but the door would be open.

Surging out of Thursday's 3437.50 close had ranged choppily sideways overnight between 3445.00-3460.00. Friday's open duplicated Thursday's narrow ranging to make intraday trending likely. The first hour's 10-point dip from 3460.00 launched a rally up to 3474.00 by noon. The balance of the session ranged choppily sideways, dipping to the earlier 3460.00 highs as support before recovering through the close. A post-close surge probed fresh session highs up to 3479.00. It's not a new trend, but I'm essentially treating Friday's new trend extreme close that way. So, at least an eventual higher close is likely. The exception is if gapping down Monday were to make Friday's session an Island. Its momentum reversal could be substantial, but at least Friday's 3456.00 gap up above all prior highs would require eventually being retested from below. The attraction down to June's complex Ascending Triangle becomes neutralized if the recovery were to extend almost any higher. At least, not without first retracing September's highs. I'll describe its template and others at this weekend's 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 3475.00 signal would target 3486.50. BIAS-DOWN: under 3455.75 signal would target 3443.00. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3483.25 3475.00 ...would target 3494.75 3486.50 Bias-down: under 3464.00 3455.75 ...would target 3451.25 3443.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE