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's PM traction setup was likely to influence Thursday morning's bias environment bullishly. Bullish behavior was likely to be very productive thanks to the recent cumulative ineffectual pessimism. Thursday's unchanged open at 3667.00 did extend quickly to attack 3680.00. But the bullish influences were applied to recovering negative knee-jerk reactions to a stimulus headline, no-bias downtrending, and then to a vaccine headline. The last swing came from fresh highs at 3682.00, down to fresh lows at 3655.00 that was recovered up to 3671.00 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Relentless Overnight Trending has only recently retraced the origin of yesterday afternoon's vaccine headline reaction up to 3680.00. Its range has been a relatively narrow 14-/12 points, but still encompasses most of yesterday's pre-headline price action. If, then... (notes to accompany the Tour recording) Like Wednesday, Thursday's ineffectual pessimism and PM traction are potentially bullish from a contrarian perspective, and can influence this morning's bias environment. Overnight optimism is a little more restrained than yesterday's probe above its morning highs, even more last-minute ahead of the morning's Employment Situation report. That's a little more contrarian, and so a little more bullish. But that only speaks to the potential resolution of the initial knee-jerk reaction to the Employment Situation report, which could still be down. Not recovering from reacting down would have room to 3635.00 without even beginning to threaten upside momentum. And room down to 3618.00 without beginning to threaten the trend reversing down. The Relentless Overnight Trending setup can be predictive during the first 15 minutes. Reacting favorably would trigger bias-up, and be attracted to unfinished business at 3692.00. Bias Parameters... (linked here)

All systems go. Literally. The knee-jerk reaction to this morning's Employment Situation report was but a momentary blip-down. A 6-point blip-down to 3667.50 that recovered entirely before it could damage the Relentless Overnight Trending setup. Its recovery extended back up to the 3680.00 overnight high. A pre-open dip to 3671.50 surged to fresh highs at 3684.25. Exceeding overnight highs through the first 15 minutes signals that reinforcements are triggering the Relentless Overnight Trending setup. So did the window's discernible uptrending. The window's discernible uptrending also confirms yesterday's bullish PM traction setup. Now triggering bias-up puts into play its 3692.00 bias-up target, which is already unfinished business from yesterday morning. Fresh highs now attacking 3688.00 also have the Friday Factors expecting the morning's bias signal will persist through the noon hour. The bigger upleg that seemed poised to launch before Tuesday and Thursday afternoon's headline ambushes now seems at risk only to another headline ambush.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3695.00 signal would target 3703.00. BIAS-DOWN: under 3684.25 signal would target 3677.00. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3695.50 3695.00 ...would target 3703.50 3703.00 Bias-down: under 3684.50 3684.25 ...would target 3677.25 3677.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Target met, and holding. Yesterday morning's 3692.00 bias-up target seemed aspirational compared to its 3674.00 signal. Perhaps more so when it was left outstanding. But it was also this morning's bias-up target, and this morning's bias-up signal hasn't left any unfinished business. Being tested up to 3693.50 this morning was likely to range sideways since Friday Factors suggest the morning's bias would remain intact through the noon hour. In fact, the magnetic attraction to 3692.00 is underscored by the narrow range hovering around it. No surprise that this afternoon's bias signals weren't even touched on the way to triggering no-bias. Ranging narrowly into and out of a Friday noon hour is almost identical to a Dry Cleaners morning setup, so be careful not to force a trade. The next opportunity for a setup would be a Friday PM drift, exiting the bias environment above the noon hour high to gravitate higher into the close. Back under 3688.00 would start to signal a corrective dip underway.

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3707.50 signal would target 3722.00. BIAS-DOWN: under 3688.00 signal would target 3677.75. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3708.00 3707.50 ...would target 3722.50 3722.00 Bias-down: under 3688.50 3688.00 ...would target 3678.25 3677.75 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Thursday's PM Traction setup and multiple multi-session instances of ineffectual pessimism were already greeting the Employment Situation report. Add to it a shallow Relentless overnight trending setup. Friday's first 15 minutes trended up to confirm their influences to be bullish, which the morning's bias-up signal soon joined. Thursday's 3692.00 unfinished business was the last bullish element to comprise a reliably bullish setup that surged from 3672.00 to 3693.25 at the morning's high. The balance of the session ranged choppily sideways, until a late surge up to 3700.00. A Friday PM drift setup narrowly avoided triggering. The noon hour's high was probed just 1-2 minutes AFTER entering the final hour instead of before. Its rejection snapped back down, but only 6-7 points since the late probe was itself shallow. Drifting higher into the close anyway doesn't qualify as fulfilling the setup. A new trend extreme close on Fridays creates a bullish context, now requiring at least an eventual higher close. It's not a timing tool, so an immediate interim dip last days or weeks is possible. But the rally's outstanding objective of 3750.00 remains in-play. We'll discuss paths and indications for either direction 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 WEEKEND'S SATURDAY REVIEW.