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 had closed well above the 3556.25 261.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} target from June's complex Ascending Triangle, probing it up to 3587.00. Ranging choppily flat-to-lower overnight greeted Thursday's open at Wednesday afternoon's 3557.50, barely forming a session-long decline setup. Collapsing through the morning down to 3450.50 ultimately extended down to fresh lows at 3424.50 as the Proxy Window opened. The balance of the session retraced the afternoon's earlier highs back up to 3467.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Thursday's late bounce was immediately retraced, but only to within 2 points of the late intraday low. The range narrowed into Europe's opens, where a shallow blip-down was snapped back up sharply. Yesterday afternoon's 3467.00 highs were probed up to 3484.25, but that is now being retraced down to 3458.00. If, then... (notes to accompany the Tour recording) The overnight last-minute optimism ahead of this morning's Employment Situation report isn't reflected only by Europe's rally, but also in the shallowness of its initial blip-down. Was the sentiment of yesterday's collapse uniquely American? Probably not to that degree. And meanwhile, session-long declines like yesterday tend to probe fresh lows during the next morning's bias environment. The overnight bounce creates more room to expend selling pressure before testing yesterday's lows. Opening only just above yesterday afternoon's 3467.00 highs would remain vulnerable to reversing down. But not even opening above yesterday afternoon's high would be likelier to open under 3424.50. Trending up through the open could negate these downside influences. Whichever direction the morning sets, it tends to persist through the noon hour on Fridays. Impending illiquidity of the 3-day weekend may have exacerbated yesterday's slide, but it can still effect today's extension or reversal. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

There are no preliminary levels ahead of Employment Situation reports.

112-point slide from one sell signal. The pullback from the 3484.25 overnight highs had tested 3447.00. Bouncing into the open met its first objective at 3477.00 but stopped short of its likelier 3480.50 objective before reversing back under the 3460.25 sell signal. And by "the" sell signal, I mean that no other sell signal has been configured since then. Multiple bounce limit tests held their 3-4 minute usual counter-trend attention spans before resuming the decline. The eventual 3347.75 low probed all of the mid-August week-long congestion to its last relative low at 3351.00. Having sliced through multiple supports -- yesterday's 3424.50 prior low, 2-week old gap-to-gap retracement at 3404.00, and the mid-August congestion's lower prior highs at 3384.25-3395.00 -- a bounce becomes likely. The 2-week old congestion's retest was likely to be an air pocket, but that's usually not attempted by such an already extended downleg. Which is why a bounce is now testing the range's upper-end. Meanwhile, this is still a bias-down environment. Bounces are sponsored by weak hands. Friday Factors suggests the trending can persist through the noon hour. It's likely the decline is exacerbated by anxiousness ahead of the 3-day weekend, a catalyst for artificial selling pressures. Extending down after the noon hour would suggest that organic strong-handed selling pressure has much lower objectives in mind.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3408.00 signal would target 3421.50. BIAS-DOWN: under 3374.00 signal would target 3360.25. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3410.25 3408.00 ...would target 3423.75 3421.50 Bias-down: under 3376.00 3374.00 ...would target 3362.25 3360.25 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE

Done? Or, else. This morning's 3484.25 low held. Its first bounce was largely retraced into the bias environment's 11:30 exit, maintaining the bearish timing influence that persists from yesterday's session-long decline. Its second bounce reached 3415.00 at the noon hour's high. But this afternoon's 3408.00 bias-up signal held its test to trigger no-bias. Its reaction down has entered the afternoon bias environment at 3484.00, with further room down to the 3374.00 bias-down signal. Until the bias window starts lapsing, when a new sentiment can probe lower without restraint. The alternative to resuming the decline doesn't default to extending the bounces. Anything is possible on a Friday afternoon, and more so after trending so sharply since yesterday's open. But the likelier alternative to not resuming the decline would instead range sideways. This being a Friday, exiting the bias environment under the noon hour low could resume the decline.