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) Wednesday night's rally was an optical illusion. Its optimism was only a recovery from the Globex open's dip back to the prior afternoon's 3914.50 highs. Post-open firming up to 3920.50 reacted down through the morning, then collapsed to 3884.50 through the noon hour. The balance of Thursday's session trended back up to attack 3914.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Chipping away at the 3903.50 bias-down signal's support wasn't rewarded more than briefly through midnight. Interim bounces were shallower and shallower. One more test at Europe's opens collapsed down to 3890.00, quickly returning to 3903.50 as resistance, and soon another 3-4 points higher -- but still in negative territory. If, then... (notes to accompany the Tour recording) Lacking upside momentum at Friday's open could repeat the two prior sessions' intraday collapses. Last night's dip may be foreshadowing that, unless the overnight trend is reversed up soon. A third intraday collapse at this stage may not be temporary or shallow like the last 2-3. And another downleg has potential down to 3827.00-3833.00. Breaking lower must gain traction through the open to escape the usual weekend illiquidity from clamping down on momentum. That same influence could reward buyers for absorbing an opening thrust, and gravitate up to unfinished business at 3924.50 and 3928.50 before the long weekend. Bias Parameters... (linked here)

Already fulfilling bias-up signal's test. Sellers were likely to take immediate control if they were taking control at all. There was no downward opening thrust -- or up -- so no buyers or sellers were at risk of being isolated. The open did recover from 3899.00 back up through the 3903.50 bias-down signal. The bias-down signal ultimately held as support to trigger no-bias. Now its offsetting test of the 3917.75 bias-up signal is being tested by 3 ticks. Had a downward opening thrust been recovered in time to isolate sellers, then the balance of the session would likely gravitate back up to prior highs. That's still possible, but we don't have the luxury of it being signaled. This being a no-bias window, its 3917.75 bias-up signal should define the upper-end. Probing higher during the next 30-45 minutes would be no-bias trending that requires retracing. Friday Factors meanwhile suggest the morning's no-bias will persist through the noon hour. So, back-and-filling down to yesterday's 3911.00 cash session close can't be dismissed in even the most bullish scenario.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is LATE NO-BIAS BIAS-UP: above 3920.75 signal would target 3928.00. BIAS-DOWN: under 3911.50 signal would target 3904.00. NO-BIAS: between both signals.

Temporary floor, or durable? This morning's no-bias bounce from its 3903.50 bias-down signal offered an extra test of its support before surging to fulfill the offsetting test of its 3913.75 bias-up signal. Being subject to Friday Factors influences, the morning's bias persisted through the noon hour. And coming out of it. Attacking 3908.00 invoked the grace period, which then produced a late no-bias. Now this afternoon's 3911.50 bias-down signal should define the lower-end of the next 30-45 minutes range. Nothing requires breaking it later, but it can because the open didn't trap shorts before bouncing. Similarly, trending up into the bias window's exit wouldn't require extending any higher any later. But this being a Friday, final hour trending -- in either direction -- is always vulnerable ahead of weekend illiquidity.

Overnight weakness included a miniaturized collapse down to 3890.00 like Wednesday and Thursday's intraday collapses. Its pre-open recovery resumed post-open, preventing bias-down from triggering. Its offsetting test was probed up to 3919.50, and the noon hour pullback extended to 3908.00. Exiting the afternoon bias window reversed back up, eventually surging and then getting squeezed to new highs attacking 3934.00. Friday's late squeeze neutralized unfinished business at Wednesday's 3924.50 gap above all prior highs and its 3928.50 pre-open Globex trend extreme. Extending higher produced a Friday trend extreme close that once again requires at least an eventual higher close. The rally's next higher target at 3977.00 remain in-play, too. The late surge's inflection was delayed until entering the final hour. Buyers had gained no traction, so the late 20-point extension is vulnerable to correction or retracing its origin. Even the most bullish template would remain intact by a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retrace down to 3921.00, or its complete retrace down to 3914.50. 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. THERE IS NO SATURDAY REVIEW. CHARTROOM WILL RE-OPEN SUNDAY NIGHT.

TUE A.M. BIAS

At 10:15 the A.M. BIAS is LATE BIAS-UP BIAS-UP: above 3936.25 signal would target 3946.25. BIAS-DOWN: under 3926.75 signal would target 3916.50. NO-BIAS: between both signals.