Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Thursday''s 7-point gap up to Wednesday''s 2098.75 high quickly extended higher. The air pocket located above 2101.00 triggered a surge that extended higher through the noon hour to 2119.00. A reaction down to 2110.00 was largely retraced as the afternoon ranged choppily into the close... Thursday''s gap up served by proxy to trigger a late active bullish WedEX signal.

Overnight action''s new info...
Ranging between 2111.00-2114.00 narrowed into Europe''s opens, which launched a climb to 2117.75. Price action since then has been narrowing around this morning''s 2116.25 bias-up signal.

If, then...
WedEX is a Friday afternoon influence, so it doesn''t require the morning to trend up. This being an expiration session, trending through the opening 15 minutes is likely to trend in that direction throughout the day. Regardless, there''s no bullish reason to probe back under yesterday afternoon''s lows.

First Trade...
Exiting the open at 9:45 above 2118.00 would be likely also to trigger the 2116.25 bias-up signal at 10:15. Exiting the open under 2111.75 would be unlikely to trigger bias-up.

Pre-open rally effort rejected by drop under overnight lows.

The opening 15 minutes of volatility trended down. That''s not predictive on any day other than expiration. And it predicts a downtrending session. It can be invalidated by exiting the bias environment at 11:30 back above the 2111.00 opening print.

Not invalidating the open would undermine the afternoon''s bullish WedEX. The two cannot coexist. Invalidating the bearish open would reinforce a bullish afternoon.

Meanwhile, this is a late no-bias environment. The bias-down signal was still being overlapped at 10:15, and avoided triggering by fewer than 3 ticks at 10:30. That''s not entirely reliable for targeting an offsetting test of the 2116.25 bias-up signal.

This being a late no-bias, an interim dip to fresh lows cannot be precluded, especially not before probing fresh post-open highs above 2110.75-2111.50.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2120.50
2112.50
...would target 2126.00
2118.00
Bias-down: under 2112.25
2104.25
...would target 2107.25
2099.25
Signal status: waiting for trigger FAQ INTRO VIDEOS #1 and #2 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.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today''s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Gapping down Friday was unlikely to trend down durably, since Thursday''s gap up above all prior highs would like to be filled regardless of the eventual resolution. In fact, the gap back to Thursday''s 1.1380 close was filled. All requirements for higher closes have been fulfilled.

Gold Aug Contract (GC, ETF: (GLD))
Friday morning''s price action was confined within Thursday''s narrow post-open range, neither extending nor confirming its break, but also not yet rejecting it.

Silver Jul Contract (SI, ETF: (SLV))
Thursday''s reaction down from the upper-end of its 16.15-16.35 range to its lower-end was followed by a spike down Friday morning that recovered back up to 16.15. There is no active signal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday''s thorough retest of 149-16 avoided closing under it, satisfying all influential selling pressure. That did not equate to a buy signal, which would trigger above 150-10. But its recovery overnight gapped up into Friday''s open and surged to probe 151-25 resistance that had contained the week''s prior highs. A second consecutive higher close on Monday would prevent retesting the 150-00 area.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holding Thursday''s test of 60.70 resistance and stopping short of the 61.20 buy signal didn''t equate to being a sell signal. But Friday''s open gapped down and the session ranged choppily sideways.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Slightly lower lows at Friday''s open quickly filled the gap back to 2.74 before reversing back up into positive territory to test 2.82 resistance, whose recovery would resume the rally.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2114.25
2106.25
...would target 2119.50
2111.75
Bias-down: under 2105.00
2097.25
...would target 2097.50
2089.50
Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED FAQ INTRO VIDEOS #1 and #2 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.