Observation of a passage in the Bible is the first step in what is sometimes called "inductive" Bible study.
Inductive is word that means working from the evidence to a conclusion. Picture Sherlock Holmes the fictional detective working on a case. The clues add up to "who done it."
In our case, we're seeking the biblical author's intended meaning. We come with an open mind.
The opposite of induction is to start with a conclusion or a viewpoint already in mind then try to find support.
There are times that is the thing to do. If someone asked you, "Does God really love us?" then being able to go to John 3:16 to show them He does is very handy! (In this case John 3:16, if studied inductively, would indeed teach this point.)
But what if someone said, "Psalm 118:24 teaches that every day is a gift from God." Does it? Does the context bear that out, or is the "day" spoken of something different entirely?
"This is the day the Lord has made. We will rejoice and be glad in it."
How would vv. 22-23 change your answer?
The stone which the builders rejected
Has become the chief corner stone.
This is the Lord’s doing;
It is marvelous in our eyes.
If your Bible had cross references, it might take you to Acts 4:11 and other similar New Testament passages where you would learn that Jesus is the Stone that was rejected by His own people, but that God raised Him from the dead in victory, and one day He will return to rule over all. That's the day the Lord has made!
This doesn't mean that every day might not also be a gift from God, but this passage clearly is not teaching that. You would have to demonstrate that from other passages.