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) Similar to Tuesday, Wednesday's initial choppiness was soon harnessed into a very narrow range, which broke lower at the close. The 3200.00 open got to 3202.00 only to collapse back down to 3195.50. A complete recovery soon peaked again, but its reaction was a little shallower. Ranging narrowly until a last-minute attack on the morning's at 3196.00 low was also recovered. This was not a trending session, but it did create a bias objective at 3191.50 that was left outstanding as "unfinished business." Overnight action's new info... (nearby chart is last intraday session and Globex) Last night's range is the narrowest yet in this week's saga of narrowing overnight ranges. Neither bias signal has even been touched. Recovering Wednesday's late blip-down into the close was recovered further by Globex up to 3201.50. But only temporarily, retracing almost all of Wednesday's late-blip-down by midnight. Europe's opens were greeted at 3199.00 and triggered sudden volatility of several points in either direction, all within the hour. Eventually touching 3201.50 has dipped back down to 3199.00. If, then... (notes to accompany the Tour recording) There has been no discernible effort to test the 3191.50 "unfinished business," but neither has any strength even tried chipping away at resistance. No gap up is indicated that would signal a morning rally. Probing lower lows could still extend down to 3181.50 or even to 3174.00, and still likely be only a temporary detour. Without yet attempting to break higher within an hour of the open, breaking higher after the open would be likelier to fail. Trending down would be more credible for extending because of its downside potential, but still only temporarily if not preceded by a fresh high. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 without yet touching either bias signal would be unlikely to trigger either at 10:15.

Meet me halfway. Touch a bias signal. Shocker. Narrow overnight ranges rarely trigger morning bias signals. Last night's narrow range was probed down to 3194.50 after coming within 1 hour of the open. This timing reflects weak-handed sponsorship. Its reaction had already recovered above the 3195.50 bias-down signal, opening at 3198.00, on the way up to 3201.50. Then price congested between 3199.00-3201.00 through 10:15, of course triggering no-bias. And not testing either bias signal post-open, neither bias signal requires a test. Either bias signal is likely to hold if tested. Sell signals are still credible, if only to test the bias-down signal. Probing fresh highs this morning would be more likely to reverse back into the range.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3204.25 3208.50 ...would target 3210.50 3214.75 Bias-down: under 3194.75 3199.25 ...would target 3187.75 3192.25 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.

Second in a row without touching a bias signal. This morning's no-bias environment and now this afternoon's no-bias environment each triggered without first touching either bias signal. This morning's no-bias environment had crept up to its 3203.25 bias-up signal when the window came within view of lapsing. The Rising Wedge that had formed broke higher, and has since extended to the noon hour's 3208.25 high. This afternoon's 3208.50 bias-up signal was attacked to within 1 tick, and not touched (until much later). Now it's too late to trigger, or even to invalidate. If tested, it should hold its test as resistance. Probing higher prematurely would be "no-bias trending" that requires retracing to at least the bias-up signal. Back under 3205.50 would signal momentum already reversing down, with room down to the 3199.25 bias-down signal. Now having rewarded Monday's Gap-and-Go session with fresh highs, and having left "unfinished business" below, reversing down would likely be aggressive.

This week's narrowest overnight ranging greeted Thursday's 3198.00 open. The morning's no-bias environment trended up to its 3203.25 bias-up signal, and broke higher when the bias window lapse came within view. The afternoon's no-bias environment also eked higher to its 3208.50 bias-up signal, but was already piercing it before the lapse. Its extension up to 3210.50 was retraced to 3205.00, and the last 10 minutes surged up to 3211.00. Monday's Gap-and-Go session has now been rewarded with a timing window devoted to trending higher. The rally's 3203.00-3206.00 objective is now fully tested. And Thursday qualifies as a breakout from a multi-session range. Friday could confirm with a second consecutive higher close. The default isn't necessarily to reverse the trend down, and the rally isn't assured of extending higher. But in either case, proximity to the weekend creates a greater vulnerability to trending up or down intraday substantially. 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 3209.75 3214.50 ...would target 3215.25 3220.00 Bias-down: under 3201.50 3206.50 ...would target 3195.00 3200.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.