Proper context can start the day with a solid win and make all the difference.

Enter the chaRTroom here
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Wednesday afternoon''s "no-bias trending" above the 2098.25 bias-up signal could have been dismissed if buyers had gained traction for the effort. But exiting the bias environment at 2101.50 above the noon hour''s 2098.50 high didn''t attract strong-handed sponsorship. An eventual fresh high attacked 2104.00, but only after the 3:10-3:20 window that would otherwise have extended higher. Instead, it reacted down toward the 2098.25 bias-up signal that had been broken prematurely.

Overnight action''s new info...
Even then, Wednesday''s 2098.25 bias-up signal didn''t require being retraced, since it had not held decisively when it mattered most. But it was soon tested overnight anyway, touching Wednesday morning''s 2097.25 highs. Then the bottom dropped out -- again -- sliding through Europe''s opens to 2087.50. Its recovery up to 2098.00 has dipped back down to 2093.00-2095.00.

If, then...
Another day, another overnight plunge. So... Another overnight plunge, another intraday recovery? As I detailed during yesterday''s post-market Wrap, that which hasn''t killed the market doesn''t necessarily make it stronger, but it does earn an obligatory probe above the range. This reward for having absorbed so much selling pressure assumes that selling pressure hasn''t first chipped away entirely at support. Either down here, or up there, buyers will find none others remain to be attracted. The obligatory reward for buyers does have a shelf-life, which is less like an expiration date, and more like a battery''s charge. Potential to new highs remains alive so long as the charge''s reading holds above 2090-2095 through every relevant timing window. It''s being challenged again now, and GM and MMM just missed earnings expectations.

First Trade...
Exiting the open at 9:45 above 2097.50-2098.25 would be unlikely to trigger this morning''s 2095.25 bias-down signal at 10:15. Exiting the open under 2090.00 would likely trigger bias-down. Exiting the open under 2088.00 would become unlikely to recover the 2089.50 bias-down target at 10:15, which would renew the bias-down signal.

Overnight plunge recovers into positive territory. Momentarily, at least.

The pre-open stabilization around this morning''s 2095.25 bias-down signal did not require resolving in one direction or the other. But it did suggest that a resolution would be early and aggressive.

In fact, the open momentarily pierced back under 2095.25 then reversed up sharply to 2099.25. News at 9:45 was absorbed on the way to 2103.50.

That''s within 2 ticks of this morning''s 2104.00 bias-up signal. Its test is the consequence of having held a test of the bias-down signal. Just coming within 3 ticks disallows it from becoming "unfinished business above" if left outstanding.

Having said that, new highs remain likely so long as sellers don''t gain traction. And sellers just tried overnight to gain traction and failed.

Sellers are trying to gain traction again. The reaction down from 2103.50 fell to 2097.50. A blip-down touched 2096.25. Back above 2099.00 would signal another attack underway on 2104.00, and higher. Meanwhile, there is no active sell signal.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2116.50
2110.00
...would target 2123.00
2116.50
Bias-down: under 2106.00
2099.50
...would target 2101.00
2094.50
Signal status: BIAS-UP FAQ INTRO VIDEOS #1 and #2

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.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today''s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Wednesday night''s retest of Monday night''s ~1.0675 low was recovered back above downtrending resort. I had described that during the pre-open Tour as being bullish for a test of 1.0820, and potentially also to attack 1.1000. Thursday''s rally did retest the 1.0855 target where Friday''s open had peaked. Extending higher now requires pullbacks to hold 1.0825.

Gold Jun Contract (GC, ETF: (GLD))
Thursday''s intraday bounce to the 1194.50 sell signal didn''t confirm Wednesday''s break under it. But neither did it invalidate the break, which would require recovering at least 1197.50. And that was being tested after Thursday''s close.

Silver May Contract (SI, ETF: (SLV))
The second consecutive attempt to confirm a breakout was attempted initially Thursday, but most of the session firmed flat-to-higher. This was likely based on the Mon-Tue unconfirmed breakout. The pattern can repeat indefinitely, probing lower and lower lows, so long as 16.10 isn''t recovered.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday night''s bounce to 162-00 resistance was reversed down to a fresh low at 161-02. It was recovered Thursday afternoon to retest 162-00. That won''t prevent extending down into the weekend, triggered back under 161-10. But it also failed to confirm Wednesday''s breakout, so a bigger corrective bounce has potential to 163-18.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another test of the 55.88 pullback limit Wednesday night was recovered for an unremarkable open Thursday. A late morning surge tested 58.40. There remains potential to 59.30.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday''s EIA report wasn''t being greeted from strength, or from downtrending weakness. Gapping down ahead of the report discounted the reaction, but the session still failed to recover from testing 2.54 support. Closing above 2.60 is still required to launch the next upleg.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2121.25
2114.75
...would target 2127.25
2120.75
Bias-down: under 2108.00
2101.50
...would target 2102.50
2096.00
Signal status: NO-BIAS FAQ INTRO VIDEOS #1 and #2

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.