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) Gapping up again for the fourth consecutive session also trended up through the open for the fourth consecutive session, too. The rally's next higher target at 3517.75 was tested up to 3522.50, where optimism reached its extreme. The upleg's 10:15-10:30 portion was isolated -- retraced to where it was entered at 3511.00 -- sealing a near-term top. Momentum began reversing down at the bias environment exit, soon retracing the 3489.00 opening low during the noon hour. Its reaction had attacked the morning high to within 1 point when its bias environment lapsed. This included remarkably muted price action during FOMC events, and it was reversed to attack earlier lows down to 3495.00. Overnight action's new info... (nearby chart is last intraday session and Globex) After yesterday's last dip had bounced back to 3512.00 through the close, its reaction has only trended down overnight. Midnight's 3477.00 low had firmed through Europe's opens up to 3502.50, but that only reversed down to test 3457.00. Now its reaction is testing 3483.00. If, then... (notes to accompany the Tour recording) Yesterday's 4-5 narrowing, overlapping swings, combined with the remarkably subdued FOMC reaction, had suggested that 3517.75 resistance was launching a correction. So, the path higher might require first refueling from lower prior highs at 3470.50-3472.00 or 3456.00. The lower potential is now fulfilled overnight to within 3 ticks, and already reacting up above its prior level. Given the context of 4 consecutive gaps up, this overnight dip might have stretched the rubber band enough to snap back up into the weekend. Resuming the rally would next target a retest of October's prior high by 5 points up to 3546.00. But an intraday dip can't yet be dismissed. Especially with the Employment Situation report catalyst and Friday Factors. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Preliminary levels are not considered ahead of Employment Situation reports.

Pre-open recovery rejected. The entire overnight range was retraced before the open, and then some. The overnight attack on the 3456.00 objective trended up in reaction to the Employment Situation report, and then higher pre-open. A spike up to 3519.00 pierced the 3518.50 bias-up signal by 2 ticks. Excessive optimism, at the wrong time, testing resistance. Reacting down through into and out of the open agreed, getting to 3476.50. Stimulus headlines helped to bounce again, but only overlapping the 3498.50 bias-down signal at 10:30 was too little and too late to reject the cleanly triggered bias-down. Bouncing even higher on similar headlines tested inflection at 3504.50. Another reaction down, to 3485.00. This is still a bias-down environment. And Friday morning biases tend to persist through the noon hour. Ranging choppily sideways is possible while the burden of proof is on buyers. But drifting lower would next target 3470.50-3472.50, and any lower could probe overnight lows down to 3440.00.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3211.75 signal would target 3520.75. BIAS-DOWN: under 3488.00 signal would target 3477.00. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3518.50 3511.75 ...would target 3527.50 3520.75 Bias-down: under 3494.50 3488.00 ...would target 3483.50 3477.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Eking back up. The open's slide down to 3476.50 had recovered to challenge its bias-down signal. But the signal was maintained, and its bias-down target was retested. Ranging flat-to-higher since then has otherwise eked fluctuated around yesterday's 3502.50 cash session close. After an interim noon hour dip, the 3509.00 morning bias environment high is now only being attacked. And the afternoon bias environment has triggered no-bias. No trending is required, and none is being attempted. Nevertheless, this is a Friday. Be prepared for potentially launching a rally, by exiting the bias environment above the 3508.00 noon hour high. Similarly, back under the 3495.50 noon hour low could quickly retrace back down to and through the morning's lows.

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3514.00 signal would target 3527.75. BIAS-DOWN: under 3493.75 signal would target 3483.75. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3520.50 3514.00 ...would target 3534.00 3527.75 Bias-down: under 3499.25 3493.75 ...would target 3490.25 3483.75 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE