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) Another drawdown Thursday, and another recovery above relevant resistance. Wednesday night's relatively narrow range broke sharply lower into Thursday's 3864.00 open, and extended down sharply through to the morning's 3843.00 low. Probing 12 points into positive territory at the noon hour high was corrected for a final hour upleg to 3909.50. The rally gained PM Traction by proxy. Overnight action's new info... (nearby chart is last intraday session and Globex) Probing Thursday's high soon had broken higher by midnight and extended up to 3921.50. That has been retraced steadily down to 3904.00, until just a few minutes ago when a 10-point surge developed. If, then... (notes to accompany the Tour recording) Yesterday afternoon formed bullish PM Traction, but by proxy, and not already coming out of the bias window. So long as sellers are not controlling the open to invert its influence, the morning should trend up. If the recovery pattern has resumed -- after having skipped a beat while the interim downdraft pattern extended into vulnerability, then its minimum objective is to retrace the first recovery's 3939.50 high. The real rewards would target at 3951.00. The bearish scenario has to trigger bias-down just to get started, which would have to break under a wide range of support that is at 3899.00 and then 3889.00.. Bias Parameters... (linked here)

And now bias-up target probed. Retracing the overnight high back into the earlier Globex range would qualify as a completed a correction. So, an immediately actionable buy signal would be that much more credible for extending higher. While 3915.00 was immediately probed, the first half-hour only fluctuated around it before extending higher. Extending higher since releasing a high-profile influential econ report has extended up to 3927.50. Now yesterday afternoon's bullish PM Traction setup can influence the rally to extend. Likely objectives are 3939.50 and 3951.00. I won't be aggressive with a sell signal until the bias window is at least within view of lapsing.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP BIAS-UP: above 3929.00 signal would target 3939.50. BIAS-DOWN: under 3913.00 signal would target 3904.75. NO-BIAS: between both signals.

But probing back under the bias-up signal. Dipping 17 points to 3910.00 into 11:30 still exited the bias window at noon at least 3 points above its 10:15 entry. That fulfills the minimum requirement of a bullish PM Traction influence. Perhaps to compensate for the detour (that's not really a thing) the recovery extended sharply higher to exit the noon hour at 3934.00. And bias-up has triggered, putting into play its 3939.50 bias-up target. Now another dip is testing 3917.50. Developing during a bias-up window suggests the dip is another temporary detour. That said, the bias-up signal never produce a fresh post-1:20 high to confirm. It can be invalidated by exiting the bias window back under its 3913.00 bias-down signal. Otherwise, 3939.50 becomes unfinished business.

Patiently allowing Wednesday's downdraft to extend Thursday down to 3843.00 finally created the vulnerability that enabled a recovery back up to Tuesday's 3939.50 position off strength. That was the first intraday recovery's high, where the pattern began repeating. This only rewarded the subsequent recoveries by exceeding their lower origins. The original recovery's minimum reward up to 3951.00 remained outstanding. Recovering 2-3 intraday dips Friday only reinforced the likelihood for extending higher, perhaps to new highs. Eventually. Being just minutes from the weekend's illiquidity, extending any higher than 3939.50 was likely to be in the form of a short-squeeze. In fact, Friday's final minutes surged up to 3968.00, filling the gap back to last Thursday's high close. No hold-long or hold-short is compelling ahead of the weekend. Late Friday surges are often retraced coming out of the weekend for having been weak-handed sponsorship. But end-o'quarter portfolio window dressing may be overwhelming -- which some degree of Friday's buying was probably anticipating. We'll discuss potential paths and targets higher and lower coming out of the weekend, and their confirming behaviors, at 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 WEEK'S SATURDAY REVIEW.

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED BIAS-UP: above 3972.50 signal would target 3984.75. BIAS-DOWN: under 3960.25 signal would target 3947.75. NO-BIAS: between both signals.