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 afternoon's collapse from its 3395.75 new high down to 3365.50 probed deeper down to 3344.75 -- under 6 prior sessions' lows. Already recovering before midnight had extended up to 3368.00. Dipping into the 3352.75 open was recovered well into positive territory up to 3387.00. No new unfinished business was left outstanding. Overnight action's new info... (nearby chart is last intraday session and Globex) Thursday's rally initially continued higher up to 3393.50 through the Globex open. Trending back down through Europe's opens has extended down to attack 3372.00. That's support, retracing all of yesterday's recovery back above Wednesday's close. If, then... (notes to accompany the Tour recording) Yesterday afternoon's bias environment exit and final hour entry formed a bullish PM Traction setup that should produce uptrending through this morning's bias environment. Meanwhile, greeting today's expiration with three consecutive sessions of expanding ranges suggests volatility is alive and well. Trending can be more aggressive, while being vulnerable to reversing sharply. All of which could develop entirely within yesterday's range, unless the morning action is very productive. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3366.75 would be likely to trigger the 3373.50 bias-down signal. Exiting the open above 3378.00 would be unlikely to trigger bias-down. Exiting the open under 3384.25 would be unlikely to trigger the 3388.00 bias-up signal. Exiting the open above 3390.75 would be likely to trigger bias-up.

Big pre-open dip recovers into bullish PM influence. All of yesterday's recovery into positive territory had been retraced back down to 3372.00-3373.00. The overnight dip extended even lower to attack yesterday's open down to 3357.00. All of which was recovered to open at 3378.50. Yesterday afternoon's bullish PM traction probably helped to produce the pre-open recovery. Similarly, its influence extended the recovery post-open up to test 3387.00. Despite probing both overnight, neither bias signal was touched intraday so the next hour is a no-bias environment. Neither signal requires being tested, and tests of either bias signal should define that end of the window. Rallying 30 points in 2 hours expends a lot of buying pressure. Rallying into the first half-hour's high has since consolidated. If the PM Traction's influence resumes the rally, its test of the 3388.00 bias-up signal would likely be probed by 3 points. Probing it this morning would be no-bias trending that requires being retraced, which could snap the rubber band back down. Until at least starting to exit the bias window, sell signals won't be compelling.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3393.00 signal would target 3405.25. BIAS-DOWN: under 3375.00 signal would target 3363.50. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3397.00 3393.00 ...would target 3409.25 3405.25 Bias-down: under 3379.00 3375.00 ...would target 3367.50 3363.50 Signal status: NO-BIAS . 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.

Hurry up, and wait. Rallying out of the 3378.50 open extended higher to the narrowest of degrees, extending up to 3389.00 at the bias environment high. The window's PM Traction influence was successful to the narrowest of degrees, also, producing two higher highs and higher lows. The noon hour only ranged sideways, and now the afternoon has triggered no-bias. If earlier strength intended to stretch the rubber band for an afternoon snap back down, that could still develop back under 3381.50 and 3378.50. The rubber band could be stretched further up to 3390.75 or 3393.00, but any higher would become less vulnerable to snapping back down, and likelier to rally to new highs into the weekend.

Three consecutive sessions of expanding range assured a wide-ranging expiration session. Friday's range from the overnight slide to 3357.00 back up through its intraday rally to 3396.25 was only 3 points narrower than Thursday. Thursday's bullish PM Traction influence enabled the pre-open recovery and morning rally. But two shallow no-bias windows never stretched the rubber band to enable its snap back down. Wednesday's prior high was pierced by 1-2 ticks while producing a new high close at 3393.50. Friday Factors and expiration weren't very influential. Friday's range remained wide enough to anticipate that volatility will persist coming out of the weekend. The WedEX setup was only the least bit passively bearish if it was anything. The rally failed to exploit another opportunity to entrench itself with new unfinished business. The new high close was still overlapped by Wednesday's prior high, where closing higher would have required at least another eventual higher close. Retesting prior highs during expiration doesn't create a setup that is otherwise not associated with trend extremes. Nevertheless, no counter-trend effort was underway to undermine at least probing fresh highs. We'll discuss likely scenarios, their paths, and their behaviors at Saturday Review. 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 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3398.75 signal would target 3408.00. BIAS-DOWN: under 3388.00 signal would target 3377.00. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3402.75 3398.75 ...would target 3412.00 3408.00 Bias-down: under 3392.00 3388.00 ...would target 3381.00 3377.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.