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) Thursday was already likely to back-and-fill from Wednesday's 3926.00 highs down to 3904.00. Probing overnight up to 3934.50 was reversed to gap down, deep enough to trigger a bearish Globex-flip. The setup influenced a much deeper dip to 3862.00, which ultimately tested 3910.00 at the late-afternoon low. Overnight action's new info... (nearby chart is last intraday session and Globex) Sideways, wide, orderly ranging has developed overnight. Sideways, for only fluctuating around the 3826.50 cash session close. Wide, for testing both bias targets. And orderly, for mostly alternating evenly between them. This does qualify as sideways ranging in case a late a.m. break setup were to develop. If, then... (notes to accompany the Tour recording) Although not entirely signaled, Thursday behaved like a session-long decline, so we're expecting its feature for extending the next morning. Same with the Isolation setup's attraction back to the 3805.00 prior low, which is already met overnight. Some probe of fresh lows is likely, and 3793.50 is the next lower candidate for launching a recovery, then 3777.00-3781.00. Bias Parameters... (linked here)

And bias-down target was probed. Probing the 3848.25 bias-up target through the open attacked 3852.00 before tests of the gap-to-gap proxy broke lower. And extended down relentlessly. The 3817.25 bias-down signal was overlapped in time to invoke the grace period. But fresh lows down to 3785.00 through 10:30 confirmed it. Those fresh lows also fulfilled the 3803.50 bias-down target. And the next lower objective at 3793.50. And its room for noise at 3788.00. So, all lower attractions were neutralized. There was potential for yesterday's session-long decline-like behavior to also influence this morning's bias window. That's not a requirement, even had the setup been optimal. So it's not a deal-killer to already reversing up. And the market is reversing up, or trying, already bouncing up to 3832.00. This i still a bias-down environment, so not exiting the window back under its 3917.25 bias-down signal would make it unfinished business. This bounce feels like sellers are done. But it's pretty aggressive off of a very fresh low, and is still challenged by resistance at yesterday's 3826.50 cash session close. Oversold RSIs at the low also seems like a shark's fin sticking out above the waves...

FRI P.M. BIAS

At 1:20 the P.M. BIAS is LATE BIAS-UP, BIAS-UP TARGET MET BIAS-UP: above 3841.75 signal would target 3854.25. BIAS-DOWN: under 3823.75 signal would target 3808.25. NO-BIAS: between both signals.

Rejecting session highs? Are buyers spent? Rallying out of this morning's 3785.00 had probed above the 3817.25 bias-down signal's resistance up to 3840.00 before finally retracing the 3817.25 limitation. Rallying again without hesitation extended up to 3858.50 going into the noon hour. A lot of optimism, and pretty productive, except that no relevant prior high is being recovered through a relevant window. The afternoon's 3841.75 bias-up did trigger, but its 3854.25 target was already met. Often it will be retested anyway, but that's not required. And its reaction is now testing the bias-down signal to 3822.00. Having already met the bias-up target, exiting the bias window under the bias-down signal would leave no unfinished business above. Extending down would be credible -- more so since buyers haven't recovered any relevant resistance. Otherwise, the balance of the session would be likelier to range sideways than to resume the rally.

Lower lows under Thursday's 3810.50 bottom were likely on Friday were likely. Piercing it 3 times overnight didn't fulfill the likelihood, even to as low as 3801.50, not when the overnight essentially ranged sideways. Fresh highs through the open up to 3852.00 were soon rejected by a collapse down to 3785.00, which would qualify. Reversing up probed fresh session highs at 3858.50 into the noon hour. The afternoon's 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retrace down to 3812.50 was recovered to 3851.00, before a last-minute plunge 61 points down to 3790.00. The last-minute plunge down to 3790.00 began just minutes after I described the timing window as being too late for any new trending to be predictive. I also pointed out it was unlikely to be very productive, or productive for very long. Plunging 61 points in 10 minutes definitely qualifies as very productive. Rejecting it immediately out of the weekend would qualify as not for very long. Just minutes prior to the plunge, I had also just described how buyers had gained no traction for the morning's effort, which still held tests of prior highs. That puts a burden of proof of buyers. The last-minute plunge is its inverse, expending so much effort when only weak-hands would be operating. So there's also a burden of proof on sellers. We'll work that out in Saturday Review, including possible paths and levels that define the likely paths 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. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP, BIAS-UP TARGET EXCEEDED BIAS-UP: above 3825.25 signal would target 3838.00. BIAS-DOWN: under 3801.25 signal would target 3788.00. NO-BIAS: between both signals.