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) Wednesday's 12-point gap down was remarkable for having been 30 points higher just a little earlier. But the bias-down parameters held their tests down to 3855.50. Their offsetting test of both bias-up parameters was met during the morning bias window, along with Tuesday's unfinished business. Trending up through the noon hour extended to 3924.50, and ranging sideways through the close to 2927.50. Overnight action's new info... (nearby chart is last intraday session and Globex) The Globex open eked higher to 3934.50 and ranged sideways through midnight. Reversing down Europe's opens has extended down to test 3906.50. If, then... (notes to accompany the Tour recording) Like the two previous open's, not gapping up is unlikely to rally this morning, and likelier to back-and-fill down to 3904.00 or lower to 3888.00-3891.50. Backing-and-filling is already attacking 3904.00. And that's after having probed yesterday's highs. So, exiting the first 15 minutes under the 3921.00 earlier Globex low or spending the entire open in negative territory could form Globex-flip and/or Isolation setups. Any weakness is likely to be temporary on the way to new highs, especially with month-end portfolio window dressing being greeted by having rallied so sharply yesterday, and anticipation heats up for tomorrow's stimulus vote. Until signaled otherwise, pullbacks should hold and recover to fresh highs. Bias Parameters... (linked here)

And a bearish Globex-flip. Lower and lower pre-open lows fulfilled all of the projected backing-and-filling down to 3904.00. Surging through the 3907.25 open up to 3921.75 also tested two relevant levels:

The 3920.50 cash session close, and the 3921.00 earlier Globex low.

The two aren't normally that near to each other. But their test through 9:45 was deciding whether a Globex-flip setup would have a bearish influence this morning, and whether an Isolation setup would be bearish for a retest of Tuesday's low.

Yes, and no.

Having probed yesterday's high overnight, exiting the first 15 minutes under 3921.00 expects the balance of the morning to absorb bounces and to probe supports. But overlapping positive territory negated the bearish Isolation setup. So, already extending down to 3895.00 has renewed the bias-down signal, next targeting 3888.00-3891.50. Currently, a bounce just tested 3910.00. Any higher would undermine the bearish scenarios. Meanwhile,the bearish Globex-flip expects it to fail, and in fact it is already reacting down.

THU P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED BIAS-UP: above 3881.25 signal would target 3892.00. BIAS-DOWN: under 3864.25 signal would target 3853.75. NO-BIAS: between both signals.

PROGRAMMING NOTE: I'M AWAY FROM THE SCREENS TODAY BETWEEN 2:00-3:15 ET. Backing-and-filling down to 3094.00 has become something else altogether, extending to 3820.00 during the noon hour. Although easily a renewed bias-down environment, entering the bias window above 3833.00 is suggesting that sellers have lost momentum. Meanwhile, a bounce just attacked the 3853.75 bias-down target as resistance. The bias-down window has room up to its 3864.25 bias-down signal until the bias window lapses -- but no requirement to test it. Back under 3833.00 would signal that they've rediscovered the momentum they lost above it, confirmed under 3823.00. Retesting Tuesday's 3805.00 low would be the minimum requirement, and no requirement to hold it.

Thursday was already likely to back-and-fill from Wednesday's 3926.00 highs down to 3904.00. Probing overnight up to 3934.50 was reversed to gap down, deep enough to trigger a bearish Globex-flip. The setup influenced a much deeper dip to 3862.00, which ultimately tested 3910.00 at the late-afternoon low. Thursday's open barely missed qualifying as a session-long decline and triggering an Isolation setup. But the session behaved like a session-long anyway -- each timing window probing its prior timing window's low with one exception -- so we'll expect the session-long's likelihood for extending the next morning. The Isolation setup's attraction back to the prior low suggests that this decline will test Tuesday's 3805 low. Although becoming less credible, Thursday's drop still qualifies as only a temporary pullback from new highs. That gets increasingly difficult if 3777.00-3781.00 were unable to launch a recovery. Meanwhile, at least a test of 3800.00 is likely, probably down to 3793.50. Only gapping up Friday would suggest the trend is reversing up. 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. Monitor overnight Globex trading in the chaRTroom here [NOT the direct link].

FRI A.M. BIAS

At 10:15 the A.M. BIAS is LATE BIAS-DOWN, BOTH BIAS-UP PARAMETERS TESTED BIAS-UP: above 3837.00 signal would target 3848.25. BIAS-DOWN: under 3717.25 signal would target 3803.50. NO-BIAS: between both signals.