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) Wednesday's open was reacting down from a new Globex trend extreme at 3035.00, having recovered from an overnight dip that attacked 2983.00. The pre-open reaction continued down through the 3017.50 open, falling 52 points, through overnight lows to 2965.50. Oversold RSIs there were left outstanding, along with the afternoon's 3001.00 bias-up signal that no-bias trending had broken prematurely. Higher and higher highs qualified as gaining PM Traction. The impatience was leveraged by extending higher to test 3032.00 through the close, and even higher post-close to attack 3040.00. Overnight action's new info... (nearby chart is last intraday session and Globex) A brief consolidation held 3030.50 and soon broke higher to attack 3054.00. The break higher included complexity that qualifies its high as a new Globex trend extreme. Its reaction down through midnight attacked 3028.00, and formed a range that has contained choppy price action since then. The range's lower-end was just touched and is trying to hold. If, then... (notes to accompany the Tour recording) Seemingly contradictory setups may be greeting the open. Not the new Globex trend extreme, which requires intraday retest, but not necessarily the same day. PM Traction was gained yesterday afternoon, making this morning likely to trend up from the open. Now challenging the 3030.50 earlier Globex low so near the open may try to form a Globex-flip by still testing it during the open. If that's even still being tested then, its resolution would signal its influence is either bearish or bullish. The PM Traction setup's influence is only bullish, so it would have to fail for Globex-flip to be bearish. Otherwise -- again, if Globex-flip is even still forming at the open -- we may have two bullish setups in-play this morning, with an attraction above to at least retest the overnight high. This morning's econ calendar is active with high-profile items. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3033.00 would be unlikely to trigger the 3039.00 bias-up signal. Exiting the open above 3043.00 would be likely to trigger bias-up.

Sad news: Adobe "Cloud issues #2020052882 through #2020052899" happened to develop while we were recording this morning's Market Tour. I'm being told that efforts are underway to reconstruct lost data, and there is no assurance of any success. Fortunately, the First Trade narrative is pretty comprehensive, but obviously not as elaborate. I'll send the link if it's made available pre-open.

Many thanks to subscriber Steve, who located this morning's Market Tour recording. He found it appended to the end of yesterday afternoon's Market Wrap. I've notified Adobe, and I don't know how they'll resolve the error -- just by creating a new file for this morning's recording, or also deleting its portion from yesterday's file. Anyway, awesome effort, Steve! Here's yesterday's file, with this morning's Tour found at about the 14:30 mark. ==== Why bother to watch the recording now? I do go into more detail about what would constitute and then trigger the Globex-flip setup, along with the PM traction setup. It also includes the current review of other markets coverage.

Also, 2-3 bullish setups in-play. The 3043.50 open was in the upper-quadrant of an overnight sideways range. Not exactly upside momentum. Its reaction down soon tested the 3030.50 earlier Globex low to form a Globex-flip setup. Its test held as was likely. But reacting up to test 3046.00 was still overlapping the 3039.00 bias-up signal at 10:15 to invoke the grace period through 10:30. And then it was still being touched to trigger noN-bias. Not bias-up to require testing its bias-up target, and not no-bias to require holding resistance at the bias-up signal. The levels are still influential, but not predictive. That leaves yesterday's bullish PM Traction setup, which expects this morning to trend up. That insight had told us the earlier Globex low's test was likely to hold, which triggered a bullish Globex-flip setup. Now fresh post-open highs are being probed to attack the 3048.00 pre-open high. Higher highs are likely, and likely to fulfill the 3052.00 bias-up target along with testing the 3053.75 overnight high's new Globex trend extreme that requires eventual retest. Back under 3033.00 would instead start signaling sellers were retaking control.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3059.50 3055.25 ...would target 3070.25 3066.00 Bias-down: under 3044.25 3040.00 ...would target 3033.00 3028.75 Signal status: BIAS-UP . 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.

Probing overnight highs. The open had dipped suddenly to test the 3030.50 earlier Globex low, and holding it formed a bullish Globex-flip. The setup's expectation was the same as yesterday's PM Traction. That this morning would trend up. Which it did, recovering to 3050.50 by noon. Those bullish influences are now irrelevant (we'll discuss later whether Globex-flip might be influential again). Extending higher anyway has neutralized the 3053.75 new Globex trend extreme's required intraday retest. Along the way, this afternoon's 3055.25 bias-up signal triggered. Its 3066.00 bias-up target is being attacked now to within 2 points. Any pullback would likely be only temporary if not exiting the bias window back under a relevant level like the 3043.50 open.

Optimistic sentiment was nevertheless restrained ahead of Thursday's session. A new Globex trend extreme attacking 3054.00 had formed, but only as part of sideways ranging between 3028.00-3052.00, which was overlapping Wednesday's highs. Thursday's open dipped just long enough and just deeply enough to test the 3030.50 earlier Globex low, and holding it triggered a bullish Globex-flip. That made a lovely pair with Wednesday's bullish PM Traction setup. The morning uptrend signaled by the bullish setups was extended into the afternoon bias environment. Fresh recovery highs at 3065.50 met the bias-up target to within 2 ticks. It might have gotten higher but for China sanction news, whose late timing enabled the headline reaction trend down through the close. The collapse probed momentarily under the open's low down to 3019.50 before reacting up to 3039.00 through the close. Late headline reactions not only tend to extend into the close, but also often probe lower before. Whether a single tick lower overnight like Tuesday, or remaining under pressure throughout Friday. Having yet to correct the reaction by its usual 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back up to 3045.00, gapping up through it would at least be credible for resuming the rally into the weekend. Otherwise, there being no unfinished business above, Friday Factors could help extend the pullback lower to Wednesday's unfinished business at 3001.00 or even to 2965.50. 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.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3047.50 3043.25 ...would target 3061.75 3057.50 Bias-down: under 3027.00 3022.75 ...would target 3015.25 3011.00 Signal status: BIAS-DOWN . 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.