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... Tuesday's drop was already underway at the open's gap down to 2782,00. It wasn't yet destined to actually break lower, having room down to 2763.00. Even a perfect storm of negative headlines and Trump's tariff tweet could have been absorbed normally. But Wednesday's impending illiquidity exacerbated their effects. And as difficult as it is to generate sponsorship before a closed session, it's difficult to stop sponsorship that gets generated. The break became a plunge to 2697.00 at the close, recorded as 3.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} on the day. Overnight action's new info... Bouncing to 2721.00 ahead of Wednesday morning's close was followed by a 7-point gap down. Which spiked down 71 points to 2650.00. Its reaction soon tested 2690.00 and formed a symmetrical triangle that has gradually resolved down to attack the spike's low at 2651.00. If, then... (notes to accompany the Tour recording) Recovering from Tuesday's exacerbated slide would have been more bullish than first extending down to the room for noise at 2656.00. A recovery is still possible, but we'll have to make that judgement this afternoon. Meanwhile, two days of illiquidity aren't quite so impending as they will be tomorrow, but it's not really a liquid environment if everyone is a seller. This open should be no less volatile than any from last week, so an early position may not be possible. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2726.00 probably also fails to recover the 2686.00 bias-down target, renewing the bias-down signal at 10:15.

Volatile open chips away at fresh lows. As late as the 2650.00 overnight low was being attacked to within 2 points, its eventual probe was likely. Immediately probing it by 1 point snapped back up 11 points almost as quickly. But that was retraced to fresh lows, whose reaction struggled for too long to attract reinforcements, and now has also fallen to fresh lows at 2637.75. Prior lows at 2626.00 are the next lower attraction whose test can also provide some support for a bounce. As grudgingly as the open has finally resolved down, I'm not relying on much support there before extending down to at least attack October's 2603.00 low. Bouncing anyway -- prior to 2626.00 or from below it -- won't be credible for reversing the trend up, no initially until forming some sort of basing or accumulative pattern.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2650.75 2650.75 ...would target 2658.00 2658.00 Bias-down: under 2633.25 2633.50 ...would target 2626.50 2626.75 Signal status: LATE NO-BIAS, TESTED BOTH BIAS-UP PARAMETERS . 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.

Noon hour bounce hasn't gained traction. The open's decline extended through the morning's bias environment. Lapsing at 11:30 was greeted by 2 detached bars probing under  the 2626.00 objective down to 2614.00, accompanied by oversold RSIs. A good opportunity to form a bottom. But it produced a bounce. Not just a bounce, but almost a complete retracement to within 5 ticks of the 2669.50 open's high. So, only noise -- 54 points of noise -- without having hesitated at the low to reflect any accumulation. Now the afternoon's bias-up parameters have been tested, and rejected after invoking the grace period. This is a no-bias environment, reflecting a lot of buying pressure having been expended without gaining traction for the noon hour's effort. Rejecting tests of both bias-up parameters in the morning would put into play offsetting tests of both bias-down parameters. Not in the afternoon. The 2633.50 bias-down signal doesn't require a test, but its test would likely define the window's low. Breaking any lower -- or higher -- would be more credible after the bias window begins lapsing at 2:30.

Is it a bottom? A lot of buying energy was expended from the morning's bias environment exit through the close, rallying from 2614.00 up to 2700.00. But positive territory wasn't recaptured, and no traction was gained for the effort. A couple of important levels did hold their tests -- 2626.00 and 2656.00. One or both could be retested naturally to form a more durable bottom. But a credible bottom shouldn't require any more development than a brief dip. Not recovering from early weakness could find Friday Factors exacerbating selling pressures similar to Tuesday. Whether or not Friday is another day that lives in infamy, this week will. Getting the Employment Situation report out of the way should free the market to trend in the direction of its next leg. 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 2702.25 2702.50 ...would target 2710.75 2711.00 Bias-down: under 2680.25 2680.25 ...would target 2668.00 2668.00 Signal status: noN-BIAS, STILL TESTING BIAS-DOWN SIGNAL, TESTED BIAS-UP SIGNAL . 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.