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) Extending the rally overnight up to 3928.50 formed a Globex trend extreme requiring intraday retest. The 3924.50 gap above all prior highs requires being filled from below. Both remained outstanding as the bearish template developed by plunging to attack 3878.00. Gradually rallying formed bullish PM Traction up to 3914.50 before dipping into the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Initially extending a little deeper to 3895.00, price action soon reversed to trend up through midnight. Consolidating into Europe's opens has resumed its recovery to now probe 4 points above yesterday afternoon's highs up to 3918.50. If, then... (notes to accompany the Tour recording) Just probing above yesterday's highs doesn't yet answer whether its intraday recovery will extend higher intraday. Reversing its initial dip to trend up overnight is an optical illusion. It resembles a rally, but hours of buying pressure have been expended just to retest yesterday afternoon's high. Yesterday's bullish PM Traction suggests the bias window will rally, but from where is unknown. A post-open dip duplicating last night's pattern may develop first. Resolving down would still likely test 3827.00-3833.00. Bias Parameters... (linked here)

No restraints, or attractions. Hovering around yesterday afternoon's 3914.50 high persisted through the open. A couple of blips up to 3920.00 during the first-15 minutes finally reacted down to 3906.50 at 10:00.

Ranging choppily since then around the 3912.75 bias-up signal was still overlapping it at both 10:15 and 10:30. This is a noN-bias window.

Not bias-up with a higher target in-play. Not no-bias with its upper-end defined by the bias-up signal. But noN-bias that can trend in either direction.

noN-bias often behaves like no-bias, hovering around the bias signal. But this morning has influence from yesterday's bullish PM Traction setup. And it expects the bias window to trend up. The lack of upside momentum keeps alive the vulnerability to an interim dip (in fact, one just appeared). But resolving higher remains likelier.

THU P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET MET BIAS-UP: above 3914.00 signal would target 3923.25 BIAS-DOWN: under 3903.50 signal would target 3895.50. NO-BIAS: between both signals.

Done, or done? Yesterday afternoon's bullish PM Traction setup failed to influence this morning bias window any more so than producing bounces. As the noon hour suddenly showed, sellers could be much more productive than that. The morning's 3905.00-3906.00 lows gave way at noon to make noon hour lows at 3884.50. The pattern approaching the low identified a reversal setup that is bouncing up to the 3903.50 bias-down signal. Nothing but the bias-down timing window inhibits bouncing more substantially. This afternoon's window is bias-down. A retest of the 3895.50 bias-down target by more than 1 point could start to resume the decline, with potential down to 3827.00-3833.00.

Wednesday night's rally was an optical illusion. Its optimism was only a recovery from the Globex open's dip back to the prior afternoon's 3914.50 highs. Post-open firming up to 3920.50 reacted down through the morning, then collapsed to 3884.50 through the noon hour. The balance of Thursday's session trended back up to attack 3914.00. Thursday was an inside day, developing entirely within Wednesday's range. The morning's dip may have filled the vacuum created by lacking upside momentum. But if this is a new pattern, then lacking upside momentum at Friday's open could fill another vacuum in similar fashion -- if not also more substantially on the way to 3827.00-3833.00. Trending up Friday morning all but requires gapping up, which would be attracted to the week's earlier unfinished business at 3924.50 and 3928.50. Neutralizing their test early would become extra vulnerable to reversing down into the holiday weekend. Being in proximity to a Friday extreme close could have consequences if not exploited. 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 NO-BIAS, TESTED BIAS-DOWN SIGNAL BIAS-UP: above 3917.75 signal would target 3927.00. BIAS-DOWN: under 3903.50 signal would target 3894.50. NO-BIAS: between both signals.