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) The requirement to probe under Wednesday's 3020.00 low was fulfilled by an overnight drop to 3005.00. Its immediate recovery up to 3052.00 proved its relevance, but not before a post-open dip to 3111.00. And not before the noon hour and bias environment ranged narrowly between Wednesday's 3040.00-3049.00 closes. And not before entering the final hour. Finally, the morning bias environment's 3057.50 and 3070.75 bias objectives were met by the final hour's 40-point rally up to 3079.50. Overnight action's new info... (nearby chart is last intraday session and Globex) Thursday's late upleg never extended higher, and developed into a 3064.00-3080.00 range. Testing the range's lower-end into Europe's opens became a break lower that tested 3049.00, the upleg's 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement. Its touch snapped backed up to probe the earlier range's 3074.00 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement and attack overnight highs up to 3080.00. If, then... (notes to accompany the Tour recording) PROGRAMMING NOTE: NO SATURDAY REVIEW THIS WEEKEND, SO TODAY'S MARKET WRAP WILL INCLUDE A BIGGER PICTURE REVIEW. So, there are dueling corrections: Last night's dip corrected yesterday's late upleg, and now its reaction has corrected the overnight range's break lower. To the victor go the spoils. Breaking beyond  3049.00-3074.00 through the open would be credible for extending in that direction. Breaking beyond it any later would no longer be influenced by overnight price points, making intraday influences more relevant. Testing the overnight high would be an influential intraday construct, since it is also this morning's bias-up signal. Similarly for retesting the overnight low, which is at this morning's bias-down target. If rallying, the 3093.00-3112.00 resistance will be a challenge, and 3188.00-3197.50 would be its reward. Friday Factors can exacerbate any early trending, and a break lower also has plenty of room just to attack Wednesday night's 3005.00 low, let alone to break under it. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3066.00 would be unlikely to trigger the 3061.50 bias-down signal. Exiting the open under 3055.00 would be likely to trigger bias-down.

And yesterday's low being probed. Yesterday's late upleg had originated too late from a trading range to have been sponsored by strong hands. At least its 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} correction was likely. Reacting down to 3049.00 fulfilled the correction, and returned back up to the 3082.00 overnight high. But no higher. Exploiting the correction is the last stage of completing the correction. Otherwise, it's ongoing and vulnerable to extending lower. Or, at least to being retried intraday. And opening back down  to the 3061.50 bias-down signal extended back to the overnight low, repeating the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} correction of yesterday's late upleg. And then broke lower. And lower. Now the 3006.00 support that had contained Wednesday night's low is being retested, for the first time intraday. RSIs have been making higher lows into its test, and at least a corrective bounce could attack 3036.00. A buy signal at 3018.00-3020.00 is trying to trigger. Friday Factors might have front-loaded today's selling pressure, accelerating potential afternoon sellers to act early. Often, the afternoon of a strong Friday morning trend will only range sideways, even if only choppily. But look out below if selling pressures resume. Resuming the decline would next target 2998.00 and 2966.00.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3042.00 3030.75 ...would target 3054.75 3043.50 Bias-down: under 3028.00 3016.75 ...would target 3015.50 3004.25 Signal status: noN-BIAS, STILL TESTING BIAS-DOWN SIGNAL, TESTED BIAS-DOWN TARGET . 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.

Also, STILL TESTING BIAS-DOWN SIGNAL, TESTED BIAS-DOWN TARGET. This bias setup in the morning would almost put into play offsetting tests of both bias-up parameters. Forming the similar setup yesterday morning did do exactly that, and the late upleg fulfilled their objectives. But this isn't that setup. That was a no-bias, which decisively recovered its test of the bias-down signal by 1:20. This afternoon's test of the 3016.75 bias-down signal was still being tested at both 1:20 AND 1:30 to trigger noN-bias. noN-bias often behaves like no-bias, despite the delay still holding the bias-down signal as support. And unless the next hour intends to hover around here, gradually recovering would be likely. In fact, the noon hour's 3024.50 entry point is being tested as support. But that's resistance, and would have been bullish if recovered earlier. Regardless of the resolution, which could be either way, it could be exacerbated by Friday Factors. Ultimately rejecting the noon hour's fresh low back above 3024.50 and higher could gravitate relentlessly back up to unchanged. Similarly, still probing support remains vulnerable to launching a new downleg targeting 2998.00 and 2966.00.

Thursday's late upleg had required a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} correction, which the overnight dip from 3082.00 to 3049.00 fulfilled. But it wasn't exploited by higher highs before Friday's open repeated the correction. Its retest resolved down sharply to retest Wednesday night's 3005.00 low. Its break targeted 2998.00, which was probed down to 2992.50 as the 3:37-3:52 position squaring window opened. The window's volatility ranged choppily flat-to-higher instead of extending lower. Trending Fridays are vulnerable to extending if still trending through the afternoon bias window exit. Still trending through the afternoon bias window exit is too late to launch a durable reversal. Friday didn't extend down despite the vulnerability, and its recovery attempt is likely to fail. Having trended down into Friday's close, gapping up above the afternoon's 3024.50 high could form a bullish session-long rally. Isolating fresh lows to the overnight could form a bullish setup, too. Otherwise, resuming the decline would next target 2981.00 and probably 2966.00 before the next opportunity to retest the 3-week old Island high. 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. REMINDER: NO SATURDAY REVIEW THIS WEEKEND... SEE YOU SUNDAY NIGHT!

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3028.75 3017.50 ...would target 3043.75 3032.50 Bias-down: under 3009.00 2997.75 ...would target 2991.50 2980.25 Signal status: LATE BIAS-UP, TESTED BIAS-DOWN 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.