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... Overnight action had trended down relentlessly to test "lower prior highs" at 2708.00-2709.00 ahead of Thursday's open. A little deeper post-open test down to 2685.50 initially held, but the morning's bias environment ultimately collapsed to its next lower objective at 2688.00-2690.00. The noon hour held two tests of 2685.50 and the balance of the session gradually recovered back up to 2705.25. Overnight action's new info... Thursday afternoon's bias environment had been contained by 2700.00 and only the last half-hour had surged to 2705.25. Globex immediately began retracing the late surge, and then some, until touching the upper-end of 2688.00-2690.00. Ranging sideways through midnight suddenly found life at Europe's opens, rallying up to 2699.00. The effort peaked under yesterday afternoon's pre-surge 2700.00 highs. Quickly reversing back down held a couple of tests of  2693.00, and is now collapsing to probe the lower-end of 2688.00-2690.00 (to within 1 tick of the 2687.00 bias-down target). If, then... (notes to accompany the Tour recording) REMINDER: I'm away from the screens when the afternoon bias environment begins lapsing at 2:30 ET. There will be no Market Wrap or Saturday Review... Thursday's close was neither here, nor there. Closing under 2701.00 after probing under it intraday would have signaled a much deeper drop underway. Closing back above 2708.00-2709.00 would have signaled that sellers were absorbed, and that momentum had reversed up. Gapping up or down enough could serve by proxy to suggest that either setup is developing anyway -- subject to confirmation through the close. Gapping down enough means under Thursday afternoon's 2689.00 low, which could also form a "session-long decline" setup. At least its test is currently being threatened. Holding its test through the open could instead form a low that recovers intraday. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2690.75 would be likely to trigger the 2695.00 bias-down signal at 10:15. Exiting the open above 2698.00 would be unlikely to trigger bias-down.

Opening surge snaps back down, hard. The pre-open test of this morning's 2687.00 bias-down target became a Double Bottom whose RSIs diverged positively. Bouncing before the open pulled back to extend even higher post-open, surging to resistance at 2697.00. Gapping down under yesterday afternoon's 2687.00 bias environment low could have formed a bearish session long decline. It wasn't even tested at the open, so the alternative isn't necessarily bullish. In fact, the post-open surge was retraced to probe 2 points under yesterday's lows down to 2683.25. The post-open surge held a test of the 2695.00 bias-down signal, and the 10:15 bias window was overlapping its 2687.00 bias-down target. Bias-down is not renewed, but this is still a bias-down environment. Extending any lower would next target 2682.-2683.00, and there's no bullish reason to revisit it now. Meanwhile, another bounce is now testing the 2688.00-2690.00 range's upper-end. Back under 2684.50 would signal the decline is resuming. A bigger bounce might form, but I'll be focused on the downside since early sellers were a little too easily absorbed to be confident they've been expended.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2695.00 2693.75 ...would target 2702.25 2701.00 Bias-down: under 2682.25 2681.00 ...would target 2675.50 2674.25 Signal status: noN-BIAS, TESTED BIAS-UP SIGNAL . 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 when the afternoon bias environment begins lapsing at 2:30 ET. Daily Spot will be today's last post. There will be no Market Wrap or Saturday Review. 3-4 recovery attempts have interrupted several probes of fresh or otherwise relevant lows. The 2690.00 gap down reacted up 7 points. Its reaction down to 2683.50 reaction up 10 points. The bias environment's exit at 2681.00-2682.00 reacted up 10 points, too. Pretty big reactions up, but has the last one finally trapped sellers? Actually, the last reaction up has extended to 14 points, testing this afternoon's 2693.75 bias-up signal up to 2695.00. It was still being tested at both 1:20 and 1:30 to trigger noN-bias.

No requirement to hold as resistance, although back under 2690.00 would start to signal another downleg may be underway. And no requirement to meet its bias-up target, although back above 2695.00 would get a benefit of the doubt for extending higher, anyway.

This being a Friday, isolating failed trending attempts to the morning's timing windows can form a session bottom. Recovering 2688.00-2690.00 into the noon hour would have isolated this morning's fresh lows, but 2688.00-2690.00 was still being tested at noon. Exiting the noon hour higher could have been bullish, but it failed to trigger bias-up. The decline isn't required to resume today, but sellers are NOT marginalized.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2712.25 2711.00 ...would target 2720.25 2719.00 Bias-down: under 2705.75 2704.50 ...would target 2698.50 2697.25 Signal status: LATE NO-BIAS, TESTED BIAS-UP SIGNAL . 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.