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) Wednesday's late collapse from 3414.00 had extended down overnight to 3364.50. All of which was recovered through Thursday's open up to 3317.00. The late surge inhibited intraday buyers, not from triggering bias-up but from fulfilling the morning's 3224.50 bias-up target. Trending down 100 points from the morning's high reached 3317.00. Bearish PM Traction kept price depressed through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Rallying steadily through Europe's opens has extended to test the bias-up target up to 3364.00. Choppiness attacking the bias-up signal back down to 3348.50 was almost entirely recovered. But the consolidation is now supported by 3355.00. If, then... (notes to accompany the Tour recording) Rallying overnight is indicating a gap up above 3341.00-3355.00, the now 3-week old week-long congestion. Wednesday's similar gap up had rejected Tuesday's close under 3341.00-3355.00. Gapping up today could be rewarded, the same as was Wednesday's gap up. Friday Factors can have that effect on otherwise unlikely setups. Likelier would be to trend back down from the overnight test of resistance -- if the open is even greeted in the 3341.00-3355.00 area. Not rejecting Thursday's close would keep in play under a retest likely of Tuesday night's 3385.50 low, if not also its break on the way down to 3333.00. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3355.00 would be likely to trigger the 3347.25 bias-up signal. Exiting the open under 3341.00 would be unlikely to trigger bias-up.

But no-bias trending leaves unfinished business below. The overnight rally's attack on 3365.00 had thoroughly tested the 3362.75 bias-up target. Already reacting down pre-open tested the lower-end of the 3341.00-3355.00 range. Extending down post-open probed overnight lows down to 3325.50.

The 3347.50 bias-down signal triggered easily. But it hasn't yet been productive -- no lower low since pre-10:15.

Not only no lower low, but the bias-down signal is being probed by 10 points. This is no-bias trending that requires being retraced to at least 3347.50, if not also the 3336.50 10:15 print. Entering the noon hour above the upper-end of the 3341.00-3355.00 range would be bullish. Without a new post-10:15 low, the no-bias trending can be invalidated by exiting the bias environment above its 3362.75 bias-up target. Otherwise, 3347.50, and the 3320.75 bias-down signal's offsetting test, will become unfinished business. And having bounced away from it throughout the entire bias window, I would expect any credible downside to develop aggressively.

FRI P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3346.00 signal would target 3360.25. BIAS-DOWN: under 3327.75 signal would target 3311.00. NO-BIAS: between both signals. FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3358.00 3346.00 ...would target 3372.25 3360.25 Bias-down: under 3339.75 3327.75 ...would target 3323.00 3311.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE

Morning detour punished. Holding a test of this morning's 3347.25 bias-up signal had put into play an offsetting test of its 3320.75 bias-down signal. That didn't prevent the morning bias environment from bouncing up to 3358.00. Bouncing above its bias-up signal during a no-bias environment is no-bias trending that is doomed to failure. At least to retrace its 3347.25 bias-up signal, in addition to unfinished business at 3320.75 bias objective. More so, the setup reflects weak-handed buyers, stretching the rubber band when they won't gain traction for the effort. The compensation for detour and delay should be rewarded, at least by aggression, if not also by degree. Like, by trending down 60 points since this morning's high? The afternoon's 3327.25 bias-down signal's 3311.00 bias-down target was met and held for long enough to avoid renewing the bias-down signal. But it was exceeded to test the upper-end of Tuesday night's 3296.00-3299.00 target area. Remember, already having tested 3296.00-3299.00 overnight, there's only one opportunity to hold its test it intraday. Which its reaction is trying to exploit. But there's only one bite at the recovery apple. Only ranging flat-to-higher this morning leaves Friday Factors exacerbation influence intact to produce sharply lower lows into the weekend.

Thursday's close back under 3341.00-3355.00 down to 3317.00 had targeted lower lows, but the overnight rallied up to 3365.00. Already reacting down into Friday's open extended to 3325.50, but the morning only bounced back above 3341.00-3355.00. Sliding sharply through the noon hour finally fulfilled the bearish setups down to 3298.00. Another bounce held another test of 3341.00 to end essentially unchanged at 3329.00. Like Tuesday's close under 3341.00-3355.00, Thursday's close back under the range targeted 3296.00-3299.00. Tuesday night probed both down to 3286.00, while Friday's low barely tested the target area's upper-end. Tuesday's break under 3341.00 was rejected by gapping up back above its 3355.00 counterpart. A similar resolution at Monday's open would be credible for reversing up, but with a big grain of salt and a long list of stipulations. No particularly hopeful developments are anticipated for the weekend, but a positive catalyst could be rewarded by at least attacking new highs. Otherwise, the current decline remains intact. As does its objective to retrace June's complex Ascending Triangle. 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: above 3341.75 signal would target 3354.75. BIAS-DOWN: under 3311.00 signal would target 3296.00. NO-BIAS: between both signals. MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3353.75 3341.75 ...would target 3346.25 3354.25 Bias-down: under 3323.00 3311.00 ...would target 3308.00 3296.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE