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... Wednesday night's relentless rally up to 2964.50 failed to attract reinforcements at Thursday's open. That often happens to relentless overnight trending, but the open avoided trending down and instead formed a position of strength. That helped considerably in anticipating a recovery from the noon hour's test of 2936.00. So did the usual minimum 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of a headline reaction, which had produced the drop's last 10-12 points. Afternoon buyers gained traction for their efforts, already adding 8 points to the final hour's 2955.00 entry. The last-minute 2963.25 high was a fresh post-open high, but still short of the 2964.50 pre-open high. The close above 2932.00 puts into play the next higher objective, an attack on 3000.00, subject to confirmation Friday. Overnight action's new info... Thursday's last-minute reaction down initially extended down to test 2955.00 as support, retracing the final hour's last upleg. A consolidation resisted up to 2960.00 had resolved down by midnight, soon extending down to 2948.00. All of which was retraced by rallying into and out of Europe's opens. But only retraced back up to 2960.00. Another dip is now trying to recover 2955.00. If, then... (notes to accompany the Tour recording) Thursday's gap up invalidated Wednesday's potentially bearish WedEX, so trending up, or down, into and out of the weekend is not forecast. The overnight fluctuation -- rather than extending or reversing yesterday afternoon's recovery -- helps to preserve yesterday afternoon's upside traction. Retesting May's 2964.75 "new Globex trend extreme" intraday today is likely, up to 2973.00 and possibly also 2979.75. Maintaining the rally offers a possibility of closing Friday at a new trend extreme, which would create the requirement for at least another eventual trend high close. And just closing above 2932.00 again today would confirm the rally's next higher objective of an eventual attack on 3000.00 being in-play. Regardless, trend extremes rarely coincide precisely with expirations, even if expiration behaves counter-trend. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2957.50 would be unlikely to trigger the 2954.25 bias-down signal at 10:15. Exiting the open under 2953.00 would be likely to trigger bias-down.

Momentum is lacking. Overlapping the same relevant level at 3-4 of the first hour's five 15-minute checkpoints would form a "dry cleaners morning" setup. That's unlikely to attempt trending, and unlikely to extend if trending were attempted. That also didn't trigger. Dry Cleaners morning was narrowly avoided. But not before invoking the grace period while still overlapping the 2954.25 bias-down signal at 10:15. And also still overlapping the 2955.50 opening print. Anyway, neither was being overlapped at 10:30, triggering late no-bias, and putting into play an offsetting test of the 2964.00 bias-up signal. Printing a fresh post-open high at 2958.25 after 10:30 quickly confirmed the signal, which has extended already up to 2961.25. Meanwhile, expiration's influence seems to be more of a restraint than directional. This can inhibit trending, or doom trending to failure. And we'll monitor for any change if the range is probed.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2964.00 2965.50 ...would target 2968.50 2973.00 Bias-down: under 2951.00 2955.75 ...would target 2942.75 2947.50 Signal status: LATE NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.

All biased-up, and nowhere to go. This morning's offsetting test of its 2964.00 bias-up signal was probed by new highs up to 2969.25. Probing either bias signal during a no-bias environment requires its retracement to at least the bias signal. And the bias environment did start lapsing back down at 2964.00. That was extended to the noon hour's 2955.50 low. Hovering there into the bias timing window while touching the 2955.75 bias-down signal triggered a late no-bias. The window's low should be defined by 2955.75, with room for a bounce up to its 2965.50 -- or higher, after the bias environment begins lapsing. There's no "unfinished business" above. Even May's 2964.75 new Globex trend extreme was tested intraday. But not breaking lower out of the bias environment would be vulnerable anyway to gravitating back up.

Friday's excitement was delayed, brief, and temporary. Sideways ranging had narrowed overnight to open at 2955.50. Overlapping it and the bias-down signal through the open finally broke higher out of the first hour. But a quick surge to and through its 2963.00 objective was retraced back down to 2955.50 at the noon hour low. The narrow ranging resumed through the balance of the session. Brief firming touched Thursday's last-minute 2963.25 high during the proxy window closed at 3:20. But the position-squaring window was entered back in the afternoon's narrow range, and a last-minute break lower ticked down relentlessly (as expirations often do) to fresh session lows at 2950.00. "Unfinished business" above was neutralized, and then replaced. The morning's upside objective was quickly fulfilled, and May's "new Globex trend extreme" was finally met. Meanwhile, the second consecutive close above 2932.00 confirms an attack on 3000.00 is in-play. Interestingly, a new trend high close was narrowly avoided, which on Fridays would separately require an eventual higher close. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2955.50 2959.00 ...would target 2962.50 2967.00 Bias-down: under 2943.25 2947.75 ...would target 2936.50 2941.00 Signal status: noN-BIAS, TESTED BIAS-UP SIGNAL . 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.