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) Wednesday morning's 3911.00 high was the end result of a 55-point rally from overnight lows. Half of that had come before CPI triggered a pre-open surge that marginalized sellers through the morning. Grinding flat-to-higher eventually blipped-up to test 3916.00 but finished back under earlier highs. Overnight action's new info... (nearby chart is last intraday session and Globex) Yesterday's late reaction back down from 3916.00 was corrected into and out of the Globex open. Retesting the reaction's low anyway down to 3893.00 was recovered again back to yesterday's highs through midnight. Extending through Europe's opens test fresh recovery highs at 3929.00 basis Mar, 3919.00 basis Jun. If, then... (notes to accompany the Tour recording) THE FRONT-MONTH ROLLS FORWARD TO JUN AT THIS MORNING'S OPEN. ALL QUOTES GOING FORWARD ARE BASIS JUN, WHICH TRADES AT A 10-POINT DISCOUNT FROM MAR... Albeit conceived in a narrow range, yesterday afternoon's buyers gained traction. Its influence applies to this morning's bias window, which is already indicated to be greeted from gapping up. The fresh recovery highs now raise the pullback limit up to 3891.00 for maintaining upside momentum. Trend reversals aren't historically associated with rollover (or expiration), so reacting down for any reason is likely to recover. Bias Parameters... (linked here)

Bias + Traction > Hiccup. Ranging narrowly sideways pre-open down to 3908.00 hovered under 3919.00 overnight highs through the first 15 minutes. Surging into the top of the hour touched 3925.00, and has since extended up aggressively to 3933.25. And that includes absorbing an interim spike down. Yesterday afternoon's bullish PM Traction setup appears to be exercising its influence, which expects fresh highs into the bias window's 11:30-noon exit. Now trading above the rally's 3814.50-3817.00 pivotal highs, a retest of the 3934.00 intraday highs highs is in-play. The 3848.00 Globex trend extreme that had formed at the same time is also an objective, albeit not necessarily in the same leg.

THU P.M. BIAS

At 1:20 the P.M. BIAS is NO-BIAS BIAS-UP: above 3950.50 signal would target 3960.25. BIAS-DOWN: under 3935.50 signal would target 3925.25. NO-BIAS: between both signals.

Gap-and-pause setup forming. Yesterday afternoon's bullish PM Traction setup suggested this morning's bias window would trend up, which it did through its 11:30-noon exit. Fresh recovery highs have neutralized all unfinished business, including 3947.75 Globex trend extreme that required an eventual intraday retest. Meanwhile, having greeted today's gap up with a multi-session rally, trending up all morning may have formed a gap-and-pause setup. Price action would hover around this morning's high through the close, and pullbacks would hold 3925.00 if tested. That would make tomorrow a temporary pullback day. Being no-bias, trending attempts should fail at either bias signal until the bias window starts lapsing at 2:30. If the gap-and-pause setup is also forming, then trending attempts should reverse back to this morning's highs, too.

Wednesday afternoon's bullish PM Traction setup wasn't responsible for Thursday's gap up to 3914.50, or for the post-open surge to 3925.00. But absorbing the bias window's dip to 3912.00, and reversing up to 3945.00 through the morning, was produced by the setup's influence. Rejecting a blip-up to 3949.00 and ranging sideways thorugh the afternoon formed a gap-and-pause setup. Dipping to 3925.00 into the close retraced only 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back to earlier lows. Session highs neutralized longstanding unfinished business back to the high's 3947.75 Globex extreme that required intraday retest. No new unfinished business was created to replace it. The rally's ongoing 3977.00 objective remain outstanding. The gap-and-pause setup makes Friday likely to be a pullback day, before resuming the rally Monday. There is no downside limit or attraction to fulfill the definition. Trending up through Friday's first 15 minutes could disqualify the session from being a pullback day 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-DOWN, BIAS-DOWN TARGET MET BIAS-UP: above 3934.00 signal would target 3945.00. BIAS-DOWN: under 3921.25 signal would target 3912.00. NO-BIAS: between both signals.