Bias-parameters
Morning bias
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| MON morning signal (triggered at 10:15 ET) | SPX | ES |
| Bias-up: above | 1392 | 1392’50 |
| …would target | 1398.25 | 1398’75 |
| Bias-down: under | 1386 | 1386’50 |
| …would target | 1380 | 1380’50 |
| Signal status: No-bias | FAQ | |
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Bias-down signaled and confirmed, but…
[pay]The ESm 1386’00 bias-down signal was still being tested at the 1:20 timing window, but it was broken through 1:30 to confirm. Bounces should hold any test of 1387’00 and quickly resolve down if the signal is valid. Even then, after some whipsaw the signal would still have a chance at reinstating back under 1385’00. A short-squeeze is possible so a stop should be in place and honored – especially on a Friday.[/pay]
Bias-up target met. Bias-down coming?
[pay]The bias-up target’s test reached ESm 1393’25 before reversing down to probe 1386’25. That’s essentially a test of this morning’s 1387’00 bias-up signal, and also of the open’s gap. The gap back to yesterday’s futures close was also filled, but the cash session close is another story. It’s higher, and might be out of reach if this session has any intention of falling further today.
The overnight low’s “new Globex trend extreme” down to 1381’75 would be retested on the way to this afternoon’s bias-down target. But more important to next week’s price action is whether that test actually occurred, and whether S&Ps recover from it before the close.[/pay]
Afternoon bias
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| FRI afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 1391.50 | 1392’00 |
| …would target | 1396.50 | 1397’00 |
| Bias-down: under | 1385.50 | 1386’00 |
| …would target | 1380 | 1380’50 |
| Signal status: Bias-down | FAQ | |
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Morning bias
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| FRI morning signal (triggered at 10:15 ET) | SPX | ES |
| Bias-up: above | 1386.50 | 1387’00 |
| …would target | 1391.50 | 1392’00 |
| Bias-down: under | 1380 | 1380’50 |
| …would target | 1370 | 1370’25 |
| Signal status: Bias-up | FAQ | |
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