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) Thursday's gap up to 3767.00 trended up discernibly through the first-15 minutes to invert Wednesday's bearish PM Traction setup. The bias window's uptrend extended up through the noon hour to 3823.50 and triggered late bias-up. But its 3825.25 target became unfinished business, and the balance of the session trended back down to 3765.50 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Yesterday afternoon's slide eventually extended down to 3725.00 through midnight. Retesting it into Europe's opens down to 3721.50 was recovered to the interim high, and now higher to test 3765.00. If, then... (notes to accompany the Tour recording) Having probed under the 3756.00-3760.25 gap-to-gap between Wed-Thu, recovering it through the open would start to suggest that sellers may be done. And failing to hold it would suggest more difficulty for restarting the rally. Wednesday afternoon's lower price action can offer some support, but not for very long if a reaction doesn't form quickly, and probably not a second time if a reaction were to fail. There was already no bullish reason to revisit the 3742.00 area Wednesday afternoon, so recovering quickly from its overnight test could be the only bullish scenario. Bias Parameters... (linked here)

And bias-down parameters hold as resistance. Overnight bounces eventually peaked at 3775.00. Its reaction greeted the open at 3760.00 on the way down to 3734.50. Its reversal returned to the 3770.50 bias-down signal at 10:30. But no higher, which would have invalidated the bias-down signal. Expending so much buying pressure just to test resistance, and to still trigger bias-down, has reversed. Likely objectives are 3747.00 (just attacked), 3742.00, and 3728.00. There's already no bullish reason to have retested the 3742.00 area earlier, and Friday Factors make the morning bias likely to persist through the noon hour. So, rallying today will be difficult if another downleg were to develop. Exiting the bias window probing fresh post-open highs would be entirely credible for rallying through the afternoon. Nothing requires resolving either way today, but there is plenty of room to extend in either direction.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3742.00 signal would target 3752.00. BIAS-DOWN: under 3722.00 signal would target 3711.00. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3750.00 3742.00 ...would target 3760.00 3752.00 Bias-down: under 3730.00 3722.00 ...would target 3719.00 3711.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE

Threatening January's lows. This morning's renewed bias-down signal persisted through the noon hour as is common with Friday  Factors. And now entering the afternoon bias window at 3685.50 is snapping up to 3711.50. But renewed bias-down did trigger, so its 3711.00 and 3722.00 bias-down parameters will be resistance until the bias window starts lapsing. No retrace of the morning's decline is necessary, although it would be bullish. The sudden stability of only ranging sideways off the lows is not strength. Today is the month's last session, and its lows are probing into the month's first session's range. Its 3751.00 low and then 3725.00 would be in-play if the decline resumes. Meanwhile a bounce has room up to 3735.50 before signaling today's sellers were absorbed.

Thursday afternoon's slide had extended overnight to attack 3720.00 and almost recovered back up to the 3780.00 cash session close. But gapping down 20 points Friday eventually slid through the noon hour down to 3685.50. Trending up into the last half-hour reached 3735.00 but collapsed down to 3695.50 through the close. There was already no bullish reason to have revisited 3742.00 as support on Wednesday. Friday's opening test was isolated, but returned there anyway and suffered the consequences. Which is exactly the question: Is dropping another 56 points enough to satisfy the consequences? The session low was testing the decline's next lower objective at 3695.00-3700.00. Which held its recovery through the close. Closing back above it isn't necessarily bullish, but closing under it would have been bearish. This leaves the door open to exiting the weekend in rally mode, targeting a retest of the highs. We'll discuss likely paths and levels for resolving the current setup and this weekend's 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 AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3715.50 signal would target 3730.00. BIAS-DOWN: under 3691.50 signal would target 3681.00. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3723.50 3715.50 ...would target 3738.00 3730.00 Bias-down: under 3699.50 3691.50 ...would target 3689.00 3681.00 Signal status: BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE