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) Tuesday's gap up had extended higher through the morning to 3835.00, then hovered through the close to form a gap-and-pause setup. The pullback day it forecast seemed on-track as flat-to-higher overnight was rejected by sliding sharply through Wednesday's open. But the pullback day only bounced through both bias windows to test Tuesday's highs up to 3840.00. Not very pullback-ish -- not even with its late 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retrace back to morning lows -- but still preventing the rally from resuming. Overnight action's new info... (nearby chart is last intraday session and Globex) Wide swings have tested both bias signals. First bouncing up to 3835.50 from yesterday's late dip reversed back down to 3811.00. That attack on yesterday's low reversed up through Europe's opens to 3832.00. Now yesterdays late dip to 3821.00 is being retested If, then... (notes to accompany the Tour recording) Buyers gained no traction for yesterday's efforts, so rallying this morning is all but required to begin by gapping up. Meanwhile, yesterday's pullback day can persist through this morning, especially since it hasn't yet been very productive. Not gapping up is likely to continue the pullback, and not just weakness but probing yesterday's low. And the open isn't indicated to gap up. Regardless, the rally remains likely to resume at some point today, so don't be slow to reverse if signals start appearing. Bias Parameters... (linked here)

Rally on. The 3832.00 open gapped up 10 points from yesterday's cash session close and was maintained through the first-15 minutes. Still overlapping the 3835.50 earlier Globex high and not rejecting it qualified as gaining traction where yesterday afternoon's buyers had failed. So, this morning's bias window is likely to trend up. Already extending higher triggered the 3834.00 bias-up signal (also a relevant level being tested during the first-15) and fulfilled the 3847.00 bias-up target. Its immediate reaction to 3839.00 has now recovered to probe the bias-up target by 2 points, presumably extending this morning's rally. A likely higher objective would be 3853.50. Back under 3838.50 would start to suggest a deeper pullback underway, if only to test the open before resuming the rally.

THU P.M. BIAS

At 1:20 the P.M. BIAS is noN-BIAS, STILL TESTING BIAS-UP SIGNAL BIAS-UP: above 3854.75 signal would target 3867.75. BIAS-DOWN: under 3842.50 signal would target 3833.50. NO-BIAS: between both signals.

Attacking new highs. The morning bias window trended up into the noon hour, which probed even higher. And now despite not triggering bias-up, the afternoon bias window is probing higher, too. The 3854.75 bias-up signal was still being tesetd at both 1:20 and 1:30 to trigger noN-bias. The bias-up signal isn't required to define the window's upper-end but could. And the 3867.75 bias-up target is not in-play, but it can be met. Meanwhile, yet another timing window is trying to trend up today. That's not common. There are exceptions, like Monday of this week, which finally dipped into the close. Today might not dip again at all, but be on guard for an earlier reversal down -- especially at the structural resistance of prior highs. Speaking of which, recall that the two rewards for Sunday night's plunge low holding its test of 3856.00 was to retrace prior highs. The first was already retraced earlier this week. The second is new highs. It's not a requirement, but likely since there is one piece of unfinished business there.

Wednesday's pullback day teased at extended lower overnight. But its dip to 3811.00 was recovered to maintain a gap up Thursday at or above relevant resistance. Tuesday morning's rally had resumed, and extended higher relentlessly to attack 3870.00 through the new high close. Last week's unfinished business was neutralized, leaving the rally's last outstanding attraction at 3884.00. Wednesday's relatively shallow, brief pullback nevertheless delayed resuming the rally, so it qualifies. Barely. It also forms an unsteady base that could be revisited as support and broken easily. A little defense could fight back at 3853.50, but 3835.00 could be a last line of defense before starting to suggest a more substantial pullback is underway. Friday's Employment Situation report could trigger immediate moves in either direction. And that could create new unfinished business at a new Globex trend extreme. Other relevant levels could also develop if 3884.00 were tested before a pullback. 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. Monitor overnight Globex trading in the chaRTroom here [NOT the direct link].

FRI A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP, BIAS-UP TARGET MET BIAS-UP: above 3870.50 signal would target 3882.50. BIAS-DOWN: under 3857.75 signal would target 3848.25. NO-BIAS: between both signals.