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) Two overnight probes of higher and higher highs up to 3013.00 each had retraced entirely back down to Wednesday's 3003.50 close. So we were prepared for the potential to similarly retrace Thursday's 3014.00 open. Its blip-up touched 3015.25 and then collapsed back down under 3000.00. Another bounce attacked 3012.00 and collapsed again back down to 3000.00. And a late bounce up to 3011.00 -- on weak-handed sponsorship that wasn't going to gain traction for its efforts during that timing window -- collapsed back down to 3003.50 through the close. "Unfinished business" was left outstanding below at 2997.75 and 2990.75. Overnight action's new info... (nearby chart is last intraday session and Globex) The post-close reaction down extended down to Thursday evening's 3000.00 low. Ranging through midnight eventually broke higher, and finally peaked in a blip-up attacking 3010.00 at midnight. So, the AMZN reaction is now retraced. Reacting back down into the earlier range is so far holding. If, then... (notes to accompany the Tour recording) Thursday's reaction to AMZN's disappointment was post-close, and the last intraday sentiment was uptrending. So, gapping down Friday under Thursday afternoon's 3000.25 low could form a "session-long decline." The overnight firming isn't currently indicating that deep of a gap down, but it would be credible. There are other paths lower besides triggering the session-long decline, but this being  a Friday, other paths lower should be gaining traction by noon. Otherwise, this being a Friday, absent or weak selling pressure through the open could extend Thursday's range into the weekend -- notwithstanding a probe higher or lower, whether down to the "unfinished business" below at 2997.75 and 2990.75, or up to 3013.00-3014.00. Trending up is possible, too, but relies much more on gapping up since two sessions this week have now held intraday tests of 3013.00-3014.00 resistance, undermining the rally's momentum. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3008.00 is unlikely to trigger the 3011.00 bias-up signal at 10:15. Exiting the open above 3003.00 is unlikely to trigger the 3001.00 bias-down signal.

PROGRAMMING NOTE: I'M AWAY FROM THE SCREENS DURING TODAY'S FINAL HOUR (and this time I really, really, pinky-swear mean it). Overnight action got volatile, falling from 3008.00 down to the range's lower-end at 3000.00. Suddenly trying to trend so near the open made a post-open short-entry much less attractive, as described during the Market Tour. Shorting would be more attractive after bouncing up to 3006.00, which was likely. And the 3002.00 open did quickly surge to 3006.00. But never reacted back under a sell signal. Extending higher instead overlapped the 3011.00 bias-up signal in time to invoke the grace period. And the grace period has triggered "late bias-up" putting into play its 3018.00 bias-up target. 3013.00-3014.00 is being tested by nearly 1 point. Yesterday's 3013.75 open is being tested, too. Not just attractions, these are also resistance, unless exceeded through a relevant timing window. The recent pattern -- on two separate sessions this week -- has been that this resistance holds and pushes back down.

So, holding 3013.00-3014.00 and reversing back down is the premise. Even if the 3018.00 bias-up target were met, unless exceeded through a relevant timing window. Either way, this being a Friday, much will depend on the afternoon bias environment exit, and then be vulnerable to extending through the close.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3028.25 3027.00 ...would target 3034.25 3033.00 Bias-down: under 3020.25 3019.00 ...would target 3013.00 3010.75 Signal status: NO-BIAS . 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.

REMINDER: I'M AWAY FROM THE SCREENS FOR TODAY'S FINAL HOUR, so no Market Wrap meeting. There is no Saturday Review this weekend. Last weekend's Bigger Picture described the likelihood for resuming the rally, next targeting 3013.00-3014.00. The resolution got underway immediately, and then resumed after its 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} correction. The 3013.00-3014.00 resistance held strongly, until it didn't, already being exceeded this morning up to 3026.50. This morning's "late bias-up" above 3011.00 quickly extended to its 3018.00 bias-up target, and through it. Exiting the bias environment above 3018.00 has created a position of strength to help absorb and to recover from any reaction down. Also helping to maintain upside momentum is the simultaneously overbought RSIs at this morning's high that require an eventual retest. So, similar to a gap-and-go setup, the likeliest scenario is to hover at the highs through the close.

Reversing down is possible. Reversing down after neutralizing the overbought RSIs with a fresh high could extend down substantially. Reversing down prematurely would target 3013.00-3014.00.

Exiting this afternoon's bias environment above noon hour highs would create a new likeliest scenario -- gravitating higher into the weekend. If this setup were to form, be very careful stepping in front of it. Being so near all-time highs, fresh highs could target 3035.00.