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

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... Monday night's choppy fluctuation between positive and negative territory had greeted Tuesday's open around Monday's 2968.00 close. Contracting volume ahead of the holiday is inhibiting strong-handed sponsorship that is needed to trend. But that doesn't necessarily prevent wide swings within the range. And like the overnight action, Tuesday morning surged to 2973.00 resistance, reversed down to 2958.50, and then recovered back to the morning's high. In fact, a last-minute surge extended through the close to touch 2980.00. Overnight action's new info... The last pullback before surging was 2970.00, and the first pullback after surging 10-points was a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement to 2973.75. Ranging sideways had firmed to greet Europe's opens at 2978.00, where the rally resumed and extended up to 2988.00. Price has been hovering there since. If, then... (notes to accompany the Tour recording) There's good news about my warning to continue exercising caution in being exposed too long to a trending attempt: Overnight sponsorship is creating more room for bigger trending attempts. Room for noise could still probe above overnight highs, and "lower prior highs" could attract price to simply drift lower. There's also a lone template that could extend the rally beyond just room for noise, and attack 3000.00. Its character would be aggressive and its pullbacks would be shallow. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2989.25 would be likely also to exceed the 2986.50 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2982.50 would at least be likely to trigger the 2979.75 bias-up target at 10:15.

Target soon met, on the way to probing overnight highs. Gapping up to 2983.25 was 3 points above the peak of yesterday's last-minute surge. The post-open reaction down was limited to 2981.50, where any deeper would have started to signal momentum reversing down. Meanwhile, price remained in the orbit of overnight highs, making their retest today likely. That was the extent of post-open weakness, but that doesn't mean the rally resumed immediately. Flat-to-higher ranging formed an Ascending Triangle through the 10:15 bias timing window, and THEN broke higher. The 2986.50 bias-up target was soon met, on the way to 2991.50. Overnight highs have been probed, neutralizing the attraction to their "new Globex trend extreme." Structurally, there is no "unfinished business" above. Calculably, an attack on 3000.00 to at least 2997.75 remains in-play, but not necessarily today.

The rally could peak and become vulnerable to gravitating back down to "lower prior highs" (e.g. 2979.75, 2973.00). That would leave outstanding the 2983.25 gap up above all prior highs, wanting to be retested from below before a durable decline would be credible.

REMINDER: EARLY CLOSE TODAY AT 1:15. NO PM BIAS PARAMETERS. MARKET WRAP WILL BE AT 1:00.

Tuesday's last-minute surge up to 2979.75 resistance had corrected overnight before extending to form a "new Globex trend extreme" at 2988.25. Wednesday's open was greeted a little lower, but still above Tuesday's highs, and post-open weakness still largely overlapped the opening print. The high's attraction finally resumed the rally up to 2992.00. Sellers had one bite at the apple to reject the morning bias environment's fresh highs, in a setup derived from a Friday Factor that applies to the afternoon bias environment's exit. The 2988.75 sell signal was pierced by only 3 ticks, and the consequence was to float higher into the close.

The rally did float higher into the close, literally. Its longstanding next higher objective at 3000.00 was attacked to within 1 tick at the cash session close. It was probed up to 3001.50 at the futures close.

There is currently no higher objective in-play. No higher calculable objective, since the room for noise under 3000.00 at 2997.75 wasn't exceeded until after coming to within 3 minutes of the cash session close. Also no higher structural objective, since all prior extremes are neutralized. Collapsing back under Wednesday's lows would create a new attraction above, at Wednesday's gap above all prior highs. Collapsing or not collapsing in reaction to Friday's pre-open Employment Report could form another setup as volume contracts to its slowest pace yet. 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 3000.50 3003.75 ...would target 3009.50 3012.75 Bias-down: under 2992.25 2995.75 ...would target 2986.00 2989.50 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . 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.