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... (summary of last Market Wrap) Wednesday's 2847.00 open was 11 points off of the overnight low, after a wildly wide ride since Tuesday's close 2881.50. The ride wasn't done, as it quickly extended to fresh lows attacking 2823.00, and then began recovering again. This one stuck, entering the final hour unchanged and then extending higher to 2891.50. Slipping into the close ended just a couple of points into positive territory, but the afternoon rally gained traction for its effort. Overnight action's new info... (nearby chart is last session and Globex) Last night's shallow dip into negative territory was reversed into positive territory -- not by much in either direction, relative to the week's earlier wide swings. And last night's recovery has held up. Room for noise down to 2869.50 was attacked to within 1 point, where a sudden surge extended to fresh highs at 2894.50. Choppy sideways action since then has pierced the lower-end of 2896.00-2898.00 and briefly dipped so low as 2881.50, but remains in positive territory. If, then... (notes to accompany the Tour recording) A lot of selling and buying pressure has been expended this week, but only buyers are gaining traction for their efforts. Not decisively, but Wednesday afternoon's rally gained traction that has potential to trend up through Thursday morning. All of that absorbed selling pressure and upside traction should start being rewarded sooner rather than later. The next higher objectives continue to be 2896.00-2898.00 and then 2903.00-2907.00. Any higher is likely to be much higher. Not extending higher this afternoon would be vulnerable to at least another pullback, still having room down to 2960.00 before signaling the trend is reversing down. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2896.00 would be likely to exceed the 2894.75 bias-up target at 10:15 to renew the bias-up signal. Exiting the open at 9:45 above 2890.75 would be likely at least to trigger the 2888.00 bias-up signal at 10:15. Exiting the open under 2883.50 would be unlikely to trigger bias-up.

Upside targets met, exceeded. Narrow overnight ranging above yesterday's highs was resisted at the 2896.00-2898.00 area. It broke higher before the open to pierce the 2896.00-2898.00 area's upper-end. And then it stopped. Potential for just extending higher diminished as the open only congested. If post-open buyers weren't being attracted to the fresh high, then stronger sponsorship must be sought at lower levels. My downside limitation at 2892.00 was attacked to within 2 ticks. A retest of the pullback's low was preferable, but one dip apparently stretched the rubber band sufficiently for its snap back up to resume the rally. The 2903.00 and 2907.00 objectives were met on the way to 2915.50. Just touching 2914.00 -- being Friday's low -- suggests probing well into Friday afternoon's range. That would get up to 2931.00-2933.00. Meanwhile, rallying relentlessly is creating a lot of room to absorb a reaction down -- for example, to 2904.00-2906.00 -- before it damages the uptrend. But it's not creating a position of strength, not without adding some complexity of ranging sideways before reacting down. So, delaying a reaction down until this afternoon would be vulnerable to reversing down sharply.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2928.00 2927.00 ...would target 2934.00 2933.00 Bias-down: under 2914.00 2913.00 ...would target 2907.00 2906.00 Signal status: BIAS-UP INVALIDATED, BIAS-UP TARGET MET . 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.

Relentless upside meets another big target. The post-open dip to 2892.50 was never retested before its rubber band stretch snapped back up and resumed the rally. A retest of its low wasn't required, but was preferred. And apparently, unnecessary, too. Unnecessary, at least, for the purposes of meeting the highest upside objectives. Both 2903.00 and 2907.00 were exceeded at the 10:15 bias timing window. A 6-point dip from 2917.00 briefly pierced a sell signal, but only overlapping it for 3 minutes before a new buy signal was triggered. Now this afternoon's 2927.00 bias-up signal has triggered, AFTER testing its 2933.00 bias-up target. Back under 2927.00 through 1:30 invalidated the bias-up. But only by a 1-tick margin despite probing nearly 2 points under it. A decisive rejection is preferred, more so if the bias-up target were not already met. Regardless, there's no unfinished business above. And the two brief/shallow shallow pullbacks haven't helped to refuel. The door is wide-open for sellers to retake control. But if sellers avoid a dip, or limit a dip to testing last Friday's 2914.00 low as support, then the rally remains intact for fresh recovery highs tomorrow -- especially on a close above 2937.50 today.  

Thursday's rally rose from the restraints of the overnight restrained optimism, which had been hovering narrowly around Wednesday's 2891.50 high. The rally was accelerated by already opening at the 2896.00-2898.00 objective and chipping away at its resistance. And the rally was fulfilled by testing its 2903.00 and 2907.00 minimum objectives, whose break put into play the 2933.00 objective. And that was just through the noon hour. Being the afternoon bias-up target helped 2933.00 to define the afternoon's upper-end of a range, supported down to 2924.50. Breaking higher before the final hour would have triggered a squeeze similar to the morning. Breaking higher during the position-squaring window got to 2939.00, but too late to be strong-handed sponsorship. Coming into Friday and its Friday Factors, Thursday's surge could be its greatest enemy. No unfinished business was left outstanding above, and the last breakout was too late to be reliable. Friday Factors can cut either way, so not already reversing down under Thursday afternoon's low through Friday's open could extend higher anyway. But opening under Thursday afternoon's low could see another rush for the exits. 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 2942.50 2941.50 ...would target 2949.00 2948.00 Bias-down: under 2929.00 2928.50 ...would target 2922.75 2921.75 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . 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.