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) Wednesday's flat open had fallen from overnight highs at 3013.00. Not gapping up kept alive downside potential to 2997.75, as did the morning's late bias-down signal, and the morning tested it down to 2993.00. Reversing a bounce to 3002.50 reached its 2990.75 target before entering the Position-Squaring window, and exited the window breaking lower down to 2987.00. A hold-short was considered compelling with the next lower objective in-play at 2984.25, and it was met to within 1 tick before the futures close. Bearish WedEX signaled, at least by default inasmuch as WedEX wasn't bullish. Overnight action's new info... (nearby chart is last session and Globex) The next lower attractions under 2984.25 are 2979.75 and 2973.00. Trending down through Wednesday's close extended immediately to 2980.50. Its reaction attacked 2984.25 and then resolved down to 2974.50. Ranging sideways up to 2980.50 persisted through Europe's opens, and only recently started firming to 2984.50. If, then... (notes to accompany the Tour recording) There's no requirement for an intraday touch of any of the next lower objectives at 2984.25, 2979.75 or 2973.00. But they're all likely to be tested intraday if their overnight tests aren't already rejected through the open. Greeting the open back up within yesterday's range would be a first step toward isolating the overnight probe. But even that would not yet be reliable without also triggering bias-up. And just testing bias-up -- later this morning during a no-bias environment -- could serve as resistance to launch another downleg. Meanwhile, 2973.00 has not been touched, and doesn't require being touched, but is likely to be touched next if the open isn't already recovering. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 2979.75 would be likely to trigger the 2984.25 bias-down signal at 10:15. Exiting the open under 2990.75 would be unlikely to trigger the 2993.50 bias-up signal.

Overnight not isolated, but not influential. Recovering from the overnight dip got up to 2987.00. A little too much too soon -- or, too late, actually having hovered at the lows through both midnight and Europe's opens. Its reaction down through the open held the relevant 2979.75 support, but more importantly snapped back up above 2981.00 and has never looked back. Fluctuating around the 2984.25 bias-down signal broke above it just enough in time to trigger no-bias. A fresh post-open high after 10:15 confirmed an offsetting test of the 2993.50 bias-up signal is in-play, already attacking 2990.00. The bias-down target was touched only overnight, so an offsetting test of the bias-up target is not required. Interim resistance at 2991.50 might be difficult to exceed, at least on its first test. The recovery's momentum would remain intact so long as its pullback held 2987.00 as support. Back under 2985.25 would start to signal the recovery was failing. Regardless, it's premature to confirm this week's pullback is down, but it would be credible.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2978.25 2981.00 ...would target 2985.25 2988.00 Bias-down: under 2970.25 2973.00 ...would target 2962.75 2965.50 Signal status: BIAS-UP . 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.

Avoiding a deeper detour? Rallying this morning to 2990.00 stopped short of the 2993.50 objective, so it becomes "unfinished business" that requires eventual testing. Meanwhile, back under 2985.25 signaled a detour, first. But its potential to 2973.00 stopped 3 points short before bouncing sharply again. Now this afternoon's bias-up signal has triggered, targeting 2988.00. And probably also to resume the morning's recovery. That would be increasingly likely as relevant levels are recovered. Currently, yesterday's 2987.00 cash session close is being attacked, but its recovery would be bullish. Otherwise, another break back under 2983.00 could put 2973.00 back into play. That would be difficult to recover into the weekend if not already being recovered tomorrow morning.

This week's pullback had its worst session on Wednesday. Extending Wednesday's drop overnight to a new low for the pullback at 2974.50 was already retraced pre-open to Wednesday's 2987.00 cash session close. That was Thursday's first of three recovery legs, albeit overnight. But it attracted Thursday's first of two reactions down, also pre-open. Greeting the open back down at 2979.75 support launched the first post-open recovery, and rejected the bias-down parameters. The offsetting bias objective at 2993.50 was attacked up to 2990.00, where the only post-open reaction down began. It probed fresh post-open lows at 2975.75 before the morning's 2993.50 "unfinished business" above attracted the last recovery leg to session highs at 3001.50. Sessions that print a fresh trend extreme are disqualified from also triggering a reversal signal. But closing positive despite the fresh multi-session low now allows a second consecutive positive close on Friday to suggest this week's pullback is done. Its reward would be to retrace the pullback's 3023.50 origin. Friday could back-and-fill down to 2886.00-2888.00 before starting to suggest the pullback is resuming. The session left "unfinished business" at the 2975.75 low's oversold RSIs, and at the 3001.50 high's overbought RSIs. The afternoon's recovery is out of the low's orbit, but becomes attractive under 2886.00-2888.00. However, the rally gained traction Thursday afternoon by exiting the bias environment above the noon hour's highs and then entering the final hour higher. 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 3001.25 3004.00 ...would target 3008.25 3011.00 Bias-down: under 2989.75 2993.50 ...would target 2983.50 2987.25 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.