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... The last session for the Dec contract as front-month was greeted optimistically, attacking the prior session's highs. The renewed bias-up target was already being probed. Trending choppily but surely higher through the morning extended to within 3 ticks of the next likely target at 2687.00 (basis Dec, 2691.00 basis Mar). I had already warned that its test would push back on even the most bullish template, and the balance of the session tumbled. The likely pullback targets were the opening gap's 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} and 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} proxies. The first gap-fill proxy at 2658.25/2662.25 was met in time to produce a 10-point bounce, which completed in time to collapse through the close, fulfilling the other gap-fill proxy at 2650.50/2654.50. Overnight action's new info... The next lower target was met at the cash session close, and then probed by 4 points. Bouncing into midnight recovered to attack 2666.00/2670.00. Another surge greeted Europe's opens at 2671.00/2675.00, where Wednesday's late bounce had peaked. This peaked, too, trending back down since then to attack yesterday's post-close lows down to 2647.50/2651.25. If, then... (notes to accompany the Tour recording) Wednesday afternoon's 2681.00/2685.00  bias-up signal doesn't require being retested, but would be a strong attraction to another upleg. Last night's failed bounce could have become that upleg, and now a retest of its peak could become that upleg. Regardless, any new upleg would have potential to resume the rally, especially so long as yesterday's late lows hold any test through the open. Breaking lower would not necessarily produce a straight shot down, but its next major lower attraction would be 2624.00, for which there isn't much bullish reason to revisit. NOTE: Coverage rolls forward at the open to the Mar (H) 2019 contract, which trades at a 4-point premium to Dec (Z) 2018. First Trade... [Click here to view the Bias parameters] BASIS MAR: Exiting the open at 9:45 above 2654.50 would be unlikely to trigger the 2651.25 bias-down signal at 10:15.

Bias-up eventually triggers, ultimately fails. A struggle of wide swings triggered bias-up. A late drop invalidated it. The overnight low's dip back down to this morning's 2651.25 bias-down signal had recovered pre-open to test the 2665.25 bias-up signal. Quickly surging up to 2673.00 was reversed back down to 2657.00. Another more substantial surge triggered bias-up signal, and attacked its 2676.75 bias-up target to within 2 points. But reacting down retraced the bias-up signal through 10:30 -- barely, but in time to invalidate that it had triggered. It's not required to be the window's upper-end. Its bias-up target isn't required to be met. And an offsetting test of its bias-down signal isn't in-play. In fact, despite invalidating the bias-up, another rally leg is free to begin, and would likely be very productive. Meanwhile, fresh post-open lows are attacking 2655.00. Its break would suggest reinforcements had arrived, if only to retest yesterday's lows.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2656.75 2661.00 ...would target 2666.75 2671.00 Bias-down: under 2646.75 2651.25 ...would target 2637.50 2642.00 Signal status: noN-BIAS, TESTED BIAS-DOWN SIGNAL . NEW: 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.

Fresh lows not gaining traction. This morning's bias-up signal became invalidated, and fell to its 2650.50 bias-down signal. That seems like sellers are patient. They did produce fresh lows into the noon hour that met this afternoon's 2642.00 bias-down target to within 3 ticks.

But now this afternoon's bias-down signal has avoided triggering. And the noN-bias environment doesn't prevent rallying above the bias-down signal.

noN-bias doesn't require the 2651.25 bias-up signal to define the window's upper-end. In fact, it was probed by 8 points. The likely upside objective is still 2662.50, but it doesn't require being met. And the decline may resume. Exiting the bias environment (or entering the final hour) above 2662.50 would suggest that sellers from yesterday's high are done. Meanwhile, breaking under 2642.00 would simply point down.

Thursday's session has the appearance of trending down. That's understandable, being comprised of a series of lower lows and lower highs. The open's quick surge up to 2675.00 was reversed down through the afternoon bias environment's 2641.25 low. Trending, yes, but also an entire session of overlapping leg after overlapping leg.

Trend, or backing-and-filling? More so the latter, holding a test of the gap back down to Tuesday's 2642.00 cash session close.

So, Thursday's session isn't very predictive. Except that filling Tuesday's 2642.00 gap could be a dip too many -- since two proxies for the gap at 2662.75 and 2655.00 were already tested, and influential. But any dip can still be recovered, so long as it's not maintained through a relevant timing window.

A relevant timing window, like Thursday's close. Which was struggling to hold 2655.00.

Immediately recovering 2662.50 through Friday's open would be the next available signal that the decline from Wednesday morning's 2690.50 high had ended. Its objective would be to resume the rally. Almost any delay in recovering would keep alive the vulnerability to retesting recent lows. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2658.25 2662.50 ...would target 2664.00 2668.25 Bias-down: under 2643.00 2647.00 ...would target 2634.75 2638.75 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . NEW: 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.