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

NEW 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... Wednesday's late 2292.00 high finally touched the objective that had been put into play by holding a test of the morning's 2283.50 bias-down signal. The intraday recovery fought through natural resistance at the gap back to Tuesday's 2288.00 close. Its morning peak and noon hour consolidation had hovered pessimistically short of the overnight highs. And the afternoon had already neutralized the objective to within 3 ticks. The recovery didn't gain traction and enough time remained to react down, but the balance of the session only ranged narrowly sideways. Overnight action's new info... Having satisfied the 2292.00 upside objective, Globex initially retraced back down to 2287.25. A gradual recovery paced itself to greet Europe's opens back at 2292.00. Its corrective dip and three-hour consolidation eventually resolved up by surging sharply to 2296.25. If, then... Like the two prior sessions, new highs still remained likely despite Wednesday also being entered pessimistically. And since the intraday recovery didn't gain traction for its effort, gapping up is the only credible start to a morning rally. The two-week old 2299.50 "new Globex trend extreme" still requires a retest, which is likely also to visit 2311.00. New highs are vulnerable to reversing down abruptly and sharply, especially if produced abruptly and sharply, which gapping up suggests. All of which can still be avoided by retracing deeply enough pre-open to avoid gapping up. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2294.25 would be likely to trigger the 2292.75 bias-up signal at 10:15. Exiting the open above 2299.50 would be likely also to exceed the 2297.75 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 2291.25 would be unlikely to trigger bias-up.

PROGRAMMING NOTE: I WILL BE AWAY FROM THE SCREENS DURING TODAY'S FINAL HOUR. MARKET WRAP WILL BE HELD EARLIER. Reacting down from the overnight 2296.25 high had retraced to 2291.50. The 2293.00 open never touched the 2292.75 bias-up signal. Firming back to the overnight high maintained the gap up at or above 2294.00, and bias-up triggered. The 2297.75 bias-up target wasn't exceeded by 10:15 to renew the bias-up signal, but it was still a bias-up environment. The target also wasn't touched by 10:15 to satisfy its buying pressure. Quickly after 10:15 a surge extended to the target. And through it. The two-week old 2299.50 "new Globex trend extreme" is now being probed up to new highs at 2301.25. Prior highs are natural resistance, but only increase the vulnerability to backing-and-filling. The next higher objective is likely 2311.00, and reacting down would likely be only obligatory, especially so long as it 2297.00 holds any test of support.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2310.00 2306.00 ...would target  2314.75  2311.00 Bias-down: under  2302.25  2298.50 ...would target 2297.00  2293.00 Signal status: NO-BIAS 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.

TODAY'S MARKET WRAP BEGINS ONE HOUR EARLY AT 2:33 ET BECAUSE I WILL BE AWAY FROM THE SCREENS DURING THE FINAL HOUR. This morning's rally was relentless, and very productive, extending to 2306.00. The most dominant pattern I'm tracking satisfies a lot of buying pressure there. Reacting down during the noon hour suggests as much. But reacting down only to the 2302.75 sell signal suggests that other patterns are influential, too. And now 2306.00 is being retested. 2306.00 is this afternoon's bias-up signal, and it did not trigger. Probing above it could be noise, but extending above it before 2:30 would be "no-bias trending" and doomed to failure. There's room up to 2307.00 before suggesting a move is underway to the 2311.00 objective. 2311.00 doesn't require being met. There is otherwise no higher objective or "unfinished business above" outstanding. And there is a lot of room below if upside momentum were to lapse.

[Market Wrap was held one hour earlier because I am away from the screens for the final hour.] A surge exited the afternoon bias environment probing above its 2306.00 resistance. But only to attack 2308.00 before hesitating. Extending higher would next target 2311.00 and potentially also 2327.00. But more importantly, a final hour reversal down would be avoided. Trending up to fresh highs through the 3:10-3:20 proxy window would be optimal for today's rally gaining traction. If not, then extending higher tomorrow morning would all but require gapping up again. Reversing down today need not collapse, but it could. Extending higher tomorrow morning need not persist into the afternoon, but it should. Being a Friday, the morning's bias tends to persist through the noon hour. In the market Wrap recording I briefly touched on the challenge and meaning to this pattern closing higher on a Friday. 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  2310.75 2307.00 ...would target  2315.25  2311.75 Bias-down: under  2303.00  2299.50 ...would target  2296.75  2293.00 Signal status: BIAS-UP 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.