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

DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close... (summary of last Market Wrap) A collapse from 3050.50 down to 3033.00 was triggered artificially by an overnight China trade headline. Its 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} correction to 3046.00 before Thursday's open also collapsed, organically under its own volition. Its 3022.50 renewed bias-down target held for the day, and for two more tests through the afternoon, consolidating under the 3033.00 overnight low. Except for Thursday's final minutes, and specifically its final minute, which was the first minute to probe back above 3033.00 to 3038.50, closing at 3036.00. Overnight action's new info... (nearby chart is last intraday session and Globex) The late surge pulled back into the Globex open down to 3033.00, but soon began extending higher to 3043.50. Its consolidation broke higher momentarily to attack 3045.00, but reversing down to attack 3039.00 through Europe's opens has persisted -- albeit still several points into positive territory. If, then... (notes to accompany the Tour recording) Perhaps yesterday's late surge was month-end portfolio sponsorship that prevented closing under 3033.00. Otherwise, that was an unusual display of sentiment ahead of an Employment Situation report, and it only continues overnight. I had noted yesterday morning that the report's usual paralysis-inducing anxiousness might be moot, being unlikely to affect Fed policy just two days following a cut. Extending higher overnight further ignores the potential impact of the monthly high-profile report. Its lack of influence can cut either way, so "bad news" could actually be bad news for the recovery attempt. But now being so far above yesterday's lows, a negative reaction has a lot of ground to cover it intends to probe fresh lows. This being a Friday, not yet breaking the range through the open is unlikely to break the range through the close. Anyway, closing back under Thursday's 3021.00 lows would serve by proxy as if Thursday had closed under 3033.00 anyway. Regardless of extending the last-minute bounce overnight or even intraday, no bounce is bullish without also closing above 3050.50. First Trade... (preliminary indications for the Bias parameters) There is no preliminary indication ahead of an Employment Situation report.

Sharply higher new highs. Rallying out of this week's range today all but required rallying immediately. Rallying immediately still could have failed, but didn't. Gapping up 6 points to 3051.75 has extended to touch 3062.00. It's difficult to reverse early trending on Fridays that's in-place through the open. And this morning's open above the range's highs will need to be retested from below, if below is ever retested. Meanwhile, a corrective dip is allowable. Back under 3056.50 would target 3047.00. Which isn't deep enough to prevent the rally from later resuming -- if that's its intend. Extending under 3047.00 would have potential to 3033.00, just as noise. The next higher resistance if tested is 3065.00, but it won't become "unfinished business" if left outstanding.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2062.75 3060.50 ...would target 3067.75 3065.50 Bias-down: under 3057.75 3055.50 ...would target 3050.50 3048.25 Signal status: NO-BIAS, TESTED BIAS-UP 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.

Borderline noN-bias. This afternoon's 3060.50 bias-up signal was touched within 3 minutes of 1:20 to invoke the grace period. It was attacked to within 1 tick at 1:30 to trigger "late no-bias." So, by the grace of a single tick, this afternoon avoided triggering noN-bias. Probing above the 3060.50 bias-up signal hasn't been prevented, but its probe up to 3063.25 is "no-bias trending" that requires being retraced. And it is being retraced now, albeit a little too early to yet qualify as neutralizing the no-bias trending. This being a Friday, exiting the bias environment above the noon hour's 3058.50 high would be vulnerable to trending higher through the close. Entering the final hour back under 3058.50, and preferably under 3055.50, would be likely to trend down to 3044.25.

Thursday's last-minute recovery back above 3033.00 to its 3036.00 close wasn't itself credible for rejecting the entire afternoon's range below it. But the last-minute recovery only extended higher, overnight ahead of the Employment Situation report, and then rallying in reaction. The 16-point gap up probed Wednesday's highs by 3 points at 3052.00. Any post-open retracement would have all but invalidated further upside potential Friday. The morning's renewed bias-up target was soon attacked to within 3 points at 3062.00. Its reaction to the noon hour's 3053.50 low was recovered to fresh session highs. And a last-minute spike up touched 3065.00. Friday's new trend extreme close now requires there to be an eventual higher close. The requirement may be fulfilled immediately Monday, or following an immediate pullback. Closing higher Monday might even confirm a breakout -- which actually makes it a little less likely. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3069.50 3067.25 ...would target 3076.50 3074.25 Bias-down: under 3058.75 3056.50 ...would target 3050.25 3048.00 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.