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... Wednesday morning's 2856.00 bias-down signal was hard fought. It had held a test overnight before being probed through the open. Its grace period was barely invoked, and then its signal barely triggered by 1 tick. And that was just the signal's struggle. Its 2851.00 bias-down target was only attacked to within only 2 points before price reversed up aggressively to attack the 2861.25 overnight high. The noon hour's dip back down to 2856.00 was recovered to a fresh high at 2862.50 as the position-squaring window opened. But 2856.00 wasn't finished, as price plunged 10 points down to 2885.50 into the Globex open. "Unfinished business below" at 2851.00 was still outstanding. Overnight action's new info... The plunge left price action stunned, and consolidating under 2856.00. No new selling has emerged, except into a couple of bounces. The first to 2858.50 found sellers into Europe's opens. The second into 2860.00 has now reacted back down to 2856.00. If, then... Wednesday afternoon's inability to gain traction and its last-minute plunge suggest the intraday bounce was a hopeful detour. Originating from a test of the 2851.00 target would have allowed in stronger-handed sponsorship. Instead the detour will inhibit patient stronger hands from defending 2851.00. We would anticipate stronger hands are already buying if today were gapping up above yesterday's high. But that's not currently indicated. More so, overnight action has only bounced, further inhibiting strong-handed buyers from trying to absorb fresh lows. Regardless, gapping up Thursday above Wednesday's 2861.00-2862.50 highs would resume the rally, and only triggering bias-up would at least extend the detour. Upside potential would still be 2873.00-2883.00. Otherwise, under 2851.00 would next target 2841.00-2843.00. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2856.00 would be unlikely to trigger the 2859.50 bias-up signal at 10:15. Exiting the open above 2861.75 would be likely to trigger bias-up.

Oh, Bermuda Triangle. My pre-open comments noted that the overnight rally was still only noise within the range. The upper-end of that range being defined by this morning's 2859.50 bias-up signal. Either reinforcements would arrive without delay, or else the bounce would be rejected. So, neither. A quick dip down to 2856.00 reacted right back up to 2859.50 -- and sat there. The grace period was invoked at 10:15, buying the bias-up signal some time. Meanwhile, an Ascending Triangle had formed, and it started breaking higher. "Either, or" became "neither, nor." Delayed trending has gained traction and triggered late bias-up. Its 2866.25 bias-up target is in-play.

Which is odd. No odder than yesterday's detour up from the morning's late bias-down. This range's reactions to otherwise normal influences makes me think of the legendary Bermuda Triangle. Ironically, one week ago it was reported that Bermuda Triangle's mystery may be due to "rogue waves." Someone tell Prechter and Elliott.

So, the late break higher is valid. Being late, its bias-up target isn't required, but the fresh post-10:30 high helps to confirm it anyway. Of course, yesterday's post-10:30 low offered similar confirmation, just before reversing up sharply. But bias-up still gets a benefit of the doubt until a reversal signal triggers, currently under 2859.50.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2860.25 2860.50 ...would target 2866.00 2866.25 Bias-down: under 2853.50 2854.00 ...would target 2847.50 2848.00 Signal status: noN-BIAS. STILL TESTING BIAS-UP SIGNAL . NEW: 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 weirdness. This morning's late bias-up attacked 2863.00 at its height. But it was already retracing to 2859.00 when the bias environment began lapsing at 11:30. And then it plunged to attack 2855.00 by noon. That's a fresh post-open low. Reversal? Not any more so than the noon hour's bounce that has extended to attack 2863.00. And that was after invoking another grace period, that wasn't resolved by 1:30. So, the Bermuda Triangle persists. Until it doesn't. But there's an app for that -- several. Some of the higher profile are Narrow Range patterns (NR4 and NR7), and Bollinger Bands. They're predicated on the historical reality that: nothing lasts forever, but when it seems like forever, they end abruptly. My methodologies incorporate these applications indirectly. And I can say that we should be prepared, and not at all surprised, when this range explodes, too. But that's not to say it's a contained explosion, especially not with competing "unfinished business" both above and below at 2851.00 and 2866.25.

Thursday looked awfully familiar to Wednesday. Not necessarily in form, although another late plunge returned to the lows. More so in function, as the ranging above Monday's highs persisted, a new bias objective was left outstanding, and the most influential bias was the afternoon's noN-bias. Thursday morning's bias-own signal held its test to trigger late no-bias, but the offsetting test of its 2866.25 bias-up signal was attacked only to 2862.75. So, "unfinished business above" at 2866.25. That's competing with Wednesday's unfinished business below at 2852.00, which is likely to be probed down to 2841.00-2843.00. Wednesday and Thursday's late plunges help to confirm the downside objective must be resolved before resuming the rally, and gapping up to resume it is less likely. Neither 2852.00 nor 2843.00 must be tested intraday to be neutralized. Isolating one or both to the overnight and opening back within Thursday's range could already reverse momentum up. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2857.25 2857.50 ...would target 2862.75 2863.00 Bias-down: under 2851.00 2851.50 ...would target 2845.50 2846.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . NEW: 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.