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... The 3-day holiday weekend was exited back at Friday's 2891.25 low. A brief bounce resolved down to a fresh low at 2886.00, which was retested after probing a fresh session high at 2901.00. The low's retest down to 2885.50 which nearly touched the 2884.50 attraction for the current downleg.  The balance of the session firmed into the close, and the entire session developed in negative territory. No traction was gained, and no new unfinished business was left outstanding. Overnight action's new info... Ranging sideways at yesterday's highs up to 2890.50 began reversing down into Europe's opens. Extending down tested and retested yesterday's low down to 2885.00. Ranging at the lows up to 2889.50 for several hours is just now trying to break higher. If, then... (notes to accompany the Tour recording) Yesterday's intraday rallies had failed to leave oversold territory, and none gained traction for their efforts or left outstanding higher objectives. None of which is necessarily bearish, but not gapping up today has left open the door to retesting yesterday's low -- especially since yesterday's low did not fully exploit the room below to 2884.50 or 2880.25. Gapping down keeps that lower potential alive, while also creating an attraction above to the gap back up to yesterday's close. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2898.25 would be unlikely to trigger the 2895.00 bias-down signal at 10:15. Exiting the open under 2891.25 would be likely to trigger bias-down.

REMINDER: I'm away from the screens after this morning... So, Daily Spot and Market Wrap will be published overnight. The overnight attack on 2884.50 was recovered to attack the 2895.50 bias-down signal before the open. Its reaction down to within 2 ticks of the 2888.75 bias-down target was retraced entirely. Ultimately, the bias-down target was exceeded through 10:15 to renew the bias-down signal.

Renewed bias-down targets were essentially 2884.50 and 2880.25. Both have been probed down to 2877.50.

Exiting the bias window back above 2888.75 would have upside potential to fill the gap at yesterday's close back up to 2899.00, possibly also launching a more powerful rally. Meanwhile, oversold RSIs at the 2877.50 low require a retest. Neutralizing its test and exiting the bias window back above any relevant level could start to seal a bottom. Testing the 2877.50 low could visit 2875.00. Any lower through a relevant window would start to target 2857.00, and more so, put the market on defense. Currently, the drop from last week's highs could prove to be backing-and-filling to negotiate negative sentiment ahead of Friday's Employment Situation report. Any deeper for any longer would start to signal a negative reaction coming from Friday's report. Meanwhile, a bounce to 2885.75 is trying to reverse up prematurely, before neutralizing oversold RSIs. Which could happen, albeit less likely. But back under 2882.50 would signal the bounce was a detour, and the low's retest remains intact.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2888.25 2888.75 ...would target 2894.50 2895.00 Bias-down: under 2881.00 2881.50 ...would target 2874.75 2875.25 Signal status: BIAS-UP . NEW: 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.

Dropping back down to Tuesday's lows overnight had all but ensured that Wednesday's open wouldn't gap up. And that was the only way to resume rallying immediately since buyers hadn't gained traction. More so, Tuesday's lows -- and the overnight retests -- had narrowly avoided fulfilling their potential down to 2884.50 or 2880.25. But Wednesday's first hour took care of that, collapsing down to 2877.50. Oversold RSIs were left outstanding at Wednesday's low, requiring its eventual retest. That didn't prevent a couple of higher lows from forming an Ascending Triangle. Its breakout triggered the afternoon's 2888.75 bias-up signal, but stopped 2 points short of its 2995.00 bias-up target. That's now unfinished business above since Wednesday afternoon only ranged flat-to-lower back down to within 1 tick of 2884.50. Closing at or around 2888.00-2889.00 isn't decisive enough to assume whether the next test is of 2877.50 below or of 2995.00 above. But testing the lower objective first -- probably down to 2875.00 -- would tell us the weakness since last week has probably been defensive posturing ahead of Friday's payrolls. There was no Market Wrap today due to travel. Monitor overnight Globex trading in the chaRTroom here.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2895.00 2895.50 ...would target 2902.00 2902.50 Bias-down: under 2881.75 2882.25 ...would target 2875.50 2876.00 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . NEW: 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.