Bias-parameters
No-bias means no drop. Not yet.
[pay]The morning’s corrective bounce reacted all the way down to Friday’s futures close at ESm 1373’75 and probed it by 1 point to test the afternoon’s 1373’00 bias-down signal. A bounce tested the afternoon’s 1378’00 bias-up signal going into the 1:20-1:30 timing window, which was still being tested ten minutes later. The no-bias signal range’s upper-end might include a test of 1380’00. But otherwise the next hour should range sideways.[/pay]
Afternoon bias
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| TUE afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 1377.75 | 1378’00 |
| …would target | 1383.25 | 1383’50 |
| Bias-down: under | 1372.75 | 1373’00 |
| …would target | 1367.25 | 1367’50 |
| Signal status: No-bias | FAQ | |
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Bias-up signal tested again.
[pay]The flattish, firm open has resulted in a retest of the bias-up signal, probing it by 2-1/2 points up to 1381’50. Now a pullback is testing the 1379’00 bias-up signal as support, trying to maintain it through the 10:15 timing window. I prefer to wait, because meanwhile there are two 10:00 econ reports, no other magnetic attraction to trade higher, and a required retest of the overnight lows. Back under 1378’00 would signal a drop underway, and its stop would be the bias-up signal.[/pay]
Morning bias
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| TUE morning signal (triggered at 10:15 ET) | SPX | ES |
| Bias-up: above | 1378.50 | 1379’00 |
| …would target | 1386.50 | 1387’00 |
| Bias-down: under | 1370.25 | 1370’75 |
| …would target | 1362.50 | 1363’00 |
| Signal status: Bias-up | FAQ | |
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No-bias / bias-up?
[pay]A new session low was probed momentarily at the noon hour’s end. It was quickly recovered back above this morning’s prior low (and the bias-down signal), and the recovery has been maintained through the 1:20 timing window. Sellers have clearly lost traction. And assuming no more lows through 1:30, buyers will be gaining traction for a test of the 1380’50 bias-up signal.[/pay]