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

Through the prior close... (summary of last Market Wrap) Already rallying overnight had essentially proved that late-Wednesday's dip from 3259.25 was only a weak-handed headline reaction. Overnight new highs at 3274.00 formed a "new Globex trend extreme" requiring intraday retest that was neutralized at Thursday's open. The intraday pattern formed an Expanding Triangle whose last downleg attacked 3264.00 and last upleg attacked 3277.00. Thursday's session qualifies as a Gap-and-Go, but not as trending. Nevertheless, it was a second consecutive higher close that confirms Wednesday's breakout, so at least an eventual third higher close is now required. Overnight action's new info... (nearby chart is last intraday session and Globex) Thursday's last upleg barely hesitated extending through the Globex open, testing 3285.00 soon after midnight. Reacting down into and out of Europe's opens retraced 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back Thursday's close at 3279.50. But only briefly before recovering and extending to fresh highs at 3287.00. Enough complexity had already qualified the overnight high as a "new Globex trend extreme" that will require intraday retest. If, then... (notes to accompany the Tour recording) Was Thursday afternoon's inhibited by the impending Employment Situation report, restraining the rally pessimistically from extending, or helping it optimistically to hover? The overnight rally has that feel of excessive optimism, coming before a weighty news item, but its enthusiasm does tend to be rewarded sooner rather than later. An initially favorable knee-jerk reaction that resolves down could set a negative tone for the day. We have to be ready for a bearish scenario because of yesterday's two setups that suggest today will be a pullback day -- confirming Wednesday's breakout with a non-trending session, and Thursday's Gap-and-go. The overnight rally only creates extra room for absorbing a reaction down if there is one. Greeting the open optimistically would get a benefit of the doubt for extending higher. Otherwise, early weakness that is maintained through the open would be entirely credible for producing a pullback through the morning, if not also through the close, or just to range sideways all afternoon. First Trade... (preliminary indications for the Bias parameters) There is no preliminary indication ahead of Employment Situation reports.

Opening thrust absorbed. The 3287.00 overnight high proved to have been too much optimism ahead of the Employment Situation report. A pullback greeted the jobs report at 3283.00-3284.00, and its knee-jerk reaction down touched the 3277.75 bias-up signal as support. A bounce greeted the open back at 3283.00-3284.00, where a deeper reaction collapsed to test 3275.00. That filled the gap back to yesterday's close, a relevant level that puts into play an Opening Thrust setup. Breaking lower through 9:45 would signal strong-handed sponsorship, but recovering a relevant level through 9:45 would signal that its sponsorship was weak-handed and trapped.

9:45 did neither.

But the relevant level's test printed its low AT 9:45, less optimal than already recovering a relevant resistance by then. And the timing was exploited by its immediate reversal up extending back through the 3277.75 bias-up signal. So a bullish Opening Thrust gets a benefit of the doubt.

The reversal extended back up into 3283.00-3284.00, but has only drifted choppily lower since then to attack 3278.00. This is still a bias-up environment targeting 3284.75. Getting back within the overnight high's orbit would make its test likely, too, albeit not required today. No sell signal will be considered from above the bias-up signal.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3342.25 3341.25 ...would target 23348.50 3347.50 Bias-down: under 3335.00 3334.00 ...would target 3328.75 3327.75 Signal status: waiting for trigger . 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.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3280.50 3281.50 ...would target 3287.00 3288.00 Bias-down: under 3270.25 3271.25 ...would target 3264.50 3265.50 Signal status: 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.

Pullback day's is influence undermining the rally. This morning's 3284.75 bias-up target became "unfinished business" that requires being met eventually. Meanwhile, the bias environment exit tumbled back under yesterday's 3276.75 highs down to 3268.50. This afternoon's no-bias signal has triggered. While resuming the rally is possible -- and a buy signal is being tested now -- that's being challenged by projections for today ultimately being a pullback day. The bounce from the noon hour low is only testing yesterday's highs, and not yet recovering them. Meanwhile, a 5-stage corrective pattern that projected the bounce is now trying to determine its resolution. The morning's Falling Wedge is being retraced now -- a little higher than necessary before resuming the decline, but not high enough to be assured the pattern's 3282.00 origin will be recovered. Resolving down would target fresh lows, potentially to 3260.00. Closing above or below 3260.00 today could be relevant to the rally's 3355.00 objective in-play. And this being a Friday, a new high close above 3276.00 today would be relevant. No further trending in either direction is required today, but the next trending attempt should extend.

Two setups from Thursday had suggested Friday would be a pullback day, but that didn't prevent first probing new highs overnight up to 3287.00. Gapping up to 3283.50 reacted back into Thursday's range down to 3274.75. Bias-up was still triggered but only the open's high was retested. The likely pullback was undermining sponsorship from resuming the overnight rally. Being a productive bounce, there was no bullish reason for retesting the open's low. So, exiting the bias environment at fresh post-open lows only trended down through the balance of the day. A 5-stage corrective pattern's bounce to 3278.00 resolved down to the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap retracement from Wednesday's close at 3260.75. The close had bounced up to 3267.00. Thursday night's 3287.00. high formed  a "new Globex trend extreme" that requires intraday retest. The morning's 3284.75 bias-up target became "unfinished business" and also requires retest. Wednesday's confirmed breakout requires an eventual third higher close. And now a decisive second consecutive close above 3260.00 is confirming the rally's next higher objective at 3355.00 is in-play. 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.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3270.50 3270.50 ...would target 3276.00 3276.00 Bias-down: under 3259.00 3259.75 ...would target 3254.00 3254.75 Signal status: BIAS-UP, BIAS-UP 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.