Bias-parameters
Morning bias
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| THU morning signal (triggered at 10:15 ET) | SPX | ES |
| Bias-up: above | 1265.25 | 1266’25 |
| …would target | 1270 | 1271’00 |
| Bias-down: under | 1260.75 | 1261’75 |
| …would target | 1256 | 1257’00 |
| Signal status: waiting for trigger, Bias-up target met pre-open, no Afternoon signal today | FAQ | |
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No-bias objective met.
[pay]Since the ESu 1277’75 bias-down signal held its test as support through the 1:20 timing window, a test of the 1285’25 bias-up signal became likely. This was just fulfilled and now there is no active signal either way. The no-bias environment will begin lapsing in 30 minutes at 2:30. I want to see how this noise is handled going into the bottom of the hour to determine the next signal. But at this moment there is no technical deterioration that might otherwise argue for this bounce to peak or reverse down.[/pay]
Afternoon bias
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| WED afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 1284 | 1285’25 |
| …would target | 1289.75 | 1290’75 |
| Bias-down: under | 1276.75 | 1277’75 |
| …would target | 1266.75 | 1268’00 |
| Signal status: No-bias | FAQ | |
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Bias-up, a really tempered bias-up.
[pay]Post-open buying reached 1293’25 while RSI performed almost inverse from the buy signals it delivered all the way down to 1287’75. The 1289’00 bias-up signal was maintained through 10:15, and although it wouldn’t have changed the signal, 1289’00 held a test through 10:30.
That hasn’t impressed buyers who have let S&Ps slip further to 1286’50. Each dip’s lower low has been recovered back above the 1289’00 bias-up signal, so it does appear that buyers are absorbing the selling. The bias-up environment and yesterday’s Gotcha setup already indicate that pullbacks are likely to be recovered.
The parrying between buyers and sellers can last indefinitely, but back above 1290’50 should trigger an obvious recovery to put back into play the 1296’25 bias-up target.
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Morning bias
[pay]
| WED morning signal (triggered at 10:15 ET) | SPX | ES |
| Bias-up: above | 1287.75 | 1289’00 |
| …would target | 1295.25 | 1296’25 |
| Bias-down: under | 1281.25 | 1282’25 |
| …would target | 1271.75 | 1273’00 |
| Signal status: Bias-up | FAQ | |
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