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) This week's pullback followed its worst performing session with its best. Extending Wednesday's drop overnight to fresh lows at 2974.50 had already recovered pre-open to Wednesday's 2987.00 cash session close. A bias objective at 2993.50 was put into play, but attacked only up to 2990.00, before reacting down to fresh post-open lows at 2975.75 by noon. The balance of the session rallied sharply to 3001.50. The rally gained traction by exiting the bias environment above the noon hour's highs and then entering the final hour higher. Oversold RSIs at the 2975.75 low require a retest. Overbought RSIs at the 3001.50 high were retested already overnight. Overnight action's new info... (nearby chart is last session and Globex) Thursday's late pullback to 2992.50 had resumed rallying sharply through the Globex open up to 3009.50. A sudden collapse attacked 2996.00, but only briefly before rallying back up to the earlier high. At least, to within 3 ticks. Hovering there through midnight and Europe's opens finally broke -- lower, and now the earlier Globex low is being attacked down to 2997.75. If, then... (notes to accompany the Tour recording) A "Globex-flip" setup initially probes the intraday range, but reverses to greet the open back under the earlier opposite Globex extreme. In this case, the overnight probe above yesterday's high would be rejected back under the 2996.25 earlier Globex low. Downtrending through the morning would be likely, if not also through Monday morning. Yesterday's recovery did expend more energy than was necessary just for rejecting its fresh pullback low by closing positive. Regardless, after probing a fresh multi-session low intraday that closes positive, a second consecutive positive close today would signal the pullback had ended. Its reward would be to retrace the pullback's 3023.50 origin. Otherwise, backing-and-filling has room down to 2886.00-2888.00 before starting to suggest the week's pullback is resuming. Any lower starts coming into the low's orbit, making fresh lows for the week likely. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 3006.00 would be likely to trigger the 3004.00 bias-up signal at 10:15. Exiting the open under 2997.75 would be unlikely to trigger bias-up.

A very choppy start. The overnight rally up to 3008.75-3009.50 had been retraced back down to 2997.75. That's the closest the retracement came to the earlier Globex low. Probing it through the open could have formed a bearish Globex-flip setup, but that was avoided. The bearish setup was avoided, but not rejected. Actually probing the earlier Globex low and then not forming a Globex-flip would have been as bullish as it could have been bearish. Rallying into the open did recover the overnight high, but only pierced it by 1 tick. Backing-and-filling grinded its way through the 3004.00 bias-up signal. No-bias triggered, and the grace period held. An offsetting test of the 2993.50 bias-down signal is in-play. Fresh post-10:15 lows under 3001.00 have now confirmed. Trending has been single-minded since then, already testing 2998.00. Regardless of whether the bias objective is met, exiting the bias environment above 3004.00 would be bullish. Otherwise, more backing-and-filling down to 2886.00-2888.00 could develop.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2999.00 3001.50 ...would target 3005.75 3008.25 Bias-down: under 2988.75 2991.50 ...would target 2883.00 2885.75 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.

More backing-and-filling. It took awhile, and a lot of choppiness, but this morning's 3004.00 bias-up signal finally held, triggering no-bias, and putting into play an offsetting test of its 2993.50 bias-down signal. Finally creating a target took away a lot of the choppiness, as two distinct legs quickly trended down to 2993.00. That was the bias environment low. Rallying through the noon hour got to 3003.00, but now this afternoon's 3001.50 bias-up signal has held its test. In the afternoon, this doesn't require an offsetting test of the 2991.50 bias-down signal. But it can still be tested. And the pattern has room for backing-and-filling down to 2886.00-2888.00. Back above 3002.00 would start to signal a bigger bounce underway. So, its test is unlikely during the no-bias environment, when its 2001.50 bias-up signal should define the window's upper-end.

Thursday's post-close surge from its 2997.50 close up to 3009.50 had been retraced down to 2996.50 entirely at the Globex open. The balance of the night developed exclusively within that wide range. Recovering up to the highs hovered there, eventually broke lower to 2997.50, and recovered to open back at the 3009.50 overnight high. Friday morning took that wide-ranging pliability and reversed back down from the opening tick. Holding a test of the morning's bias-up signal put into play a test of its 2993.50 bias-down signal, which was tested as the bias environment's low. Its reaction up through the noon hour similarly held the afternoon's bias-up signal before extending down to and through its bias-down parameters -- and through the close at 2977.75. The bearish WedEX signal seems to have influenced Friday afternoon, so we'll look for it to influence Monday morning's post-open action, too. I'll game out the appropriate behaviors, exceptions, and implications at this weekend's Saturday Review. 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 2978.00 2980.50 ...would target 2985.50 2988.00 Bias-down: under 2970.25 2973.00 ...would target 2963.75 2966.50 Signal status: BIAS-UP, BIAS-UP TARGET MET . 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.