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) Reversing Wednesday's gap down had failed to recover above a relevant level. The consequence was Thursday's drop, which happened to also begin by gapping down under its prior session's lows. Their immediate resolutions differed, but Thursday ultimately recovered to a similar degree from 3880.50 back up to 3918.50. The gap-to-gap proxy ended the bounce, once again recovering no relevant resistance. Overnight action's new info... (nearby chart is last intraday session and Globex) Quite the turn of events. Collapsing back down to 3890.00 was already recovering through midnight, back to yesterday's 3911.00 cash session close through Europe's opens. Soon fresh overnight highs were probing yesterday's late recovery high up to 3925.50. If, then... (notes to accompany the Tour recording) The overnight recovery is impressive, but it's not intraday. And yesterday failed to recover a relevant level. This being a Friday, and having been dangerously deeper overnight, its recovery can be credible for reflecting pre-weekend sentiment. But this being a Friday, that's only credible if exploited through the first 15 minutes, or starting no later than exiting the first 15.  Not gapping up would be suspicious and start to suggest another downdraft. And this being a Friday, downtrend through the open and not holding above a relevant resistance is tantamount to being a sell signal. Resuming the decline could not only retest Thursday's low but also break under it. The next downleg's target would be 3851.50, with interim support at 3869.50 and 3861.50 that could abridge the drop. Avoiding all of that could be rewarded by attacking prior highs, at least on the way to new highs. Bias Parameters... (linked here)

Freaky Friday. Recovering overnight up to 3931.00 was already reacting down through the 3924.00 open. Still a gap up, and ultimately maintained at or above resistance -- both yesterday afternoon's 3918.50 high and the 3916.75 bias-up signal. So, benefit of the doubt to buyers. But the first 15 minutes downtrended, with discernible lower lows and lower highs. Suspicion to sellers. The bias signal can be a tie-breaker, but it triggered late bias-up, so I'll still take sell signals seriously. But meanwhile the 3927.50 bias-up target is in-play. But it won't become unfinished business if left outstanding, not until the pre-10:15 3925.00 high is exceeded (it was almost touched). The morning and session may very well extend higher disregarding the first 15 minutes downtrending. Usually not -- those sellers tend to be rewarded to some degree for the mark they made.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET MET BIAS-UP: above 3928.75 signal would target 3936.50. BIAS-DOWN: under 3915.75 signal would target 3906.25. NO-BIAS: between both signals.

Opening decline comes back to haunt. The first 15 minutes had downtrended discernibly. But the gap up was maintained at or above relevant resistance, so even the late bias-up got to fulfill its 3927.50 target. But the open's bearishness would likely come back to haunt. Which it did, right as the bias window began lapsing. Trending down through the noon hour fell to 3902.00. Testing the bias-down target at 1:20 still triggered bias-down. Bouncing back above the 3915.75 bias-down signal could resume the rally, especially if recovered when the afternoon bias window begins lapsing. Nothing requires the noon hour dip to resume, but until 3905.50 could set a bearish path into the weekednnd

Thursday night's 21-point dip to 3890.00 was converted into a 20-point gain up to 3931.00 before Friday's open. The intraday range was fully encompassed. The morning's bias-up targeting 3927.50 got to within 4 points of overnight highs before eventually reversing back down to within 6-7 points of overnight lows at 3897.00. No new attractions were left outstanding. Buyers once again stopped at relevant resistance, which was once again a prior session's close. But the consequence was already delivered by the afternoon decline, instead of saving the consequence for the next session's open. Unfinished business above remains limited to a new trend extreme close above 3945.00, and an intraday retest of Monday's pre-open 3959.25 Globex trend extreme. Their attractions have helped to define the interim context as being temporary, but nothing ensures more than a retest up to the rally's 3977.00 objective. Swings of uplegs and downlegs since Monday's high are defined by Fibonacci swings of the week's prior legs. This reflects a common sponsorship throughout the pattern, instead of the rally attracting reinforcements. It makes a break lower more capable of signaling a trend reversal. 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-DOWN, BIAS-DOWN TARGET EXCEEDED BIAS-UP: above 3909.25 signal would target 3818.75. BIAS-DOWN: under 3894.75 signal would target 3885.50. NO-BIAS: between both signals.