Bias-parameters
Afternoon bias
[pay]
| MON morning signal | SPX | ES |
| Bias-up: above | 1354.50 | 1356’00 |
| …would target | 1360.50 | 1362’00 |
| Bias-down: under | 1350.50 | 1352’00 |
| …would target | 1344 | 1345’50 |
| Signal status: waiting for trigger | ||
[/pay]
Morning bias
[pay]
| MON morning signal | SPX | ES |
| Bias-up: above | 1329.50 | 1331’00 |
| …would target | 1338 | 1339’50 |
| Bias-down: under | 1321.75 | 1323’25 |
| …would target | 1314.50 | 1316’00 |
| Signal status: waiting for trigger | ||
[/pay]
Late bias-up meets (met) its mark
[pay]The late test of the bias-up signal did eventually extend higher to and through the bias-up target. The delay in getting started still undermines the rally’s durability, and the gain should still be returned. MACD & RSI are diverging negative into repeated tests of the ESm 1321’00 area, and back under 1316’50 would signal that the entire no-bias upleg was about to be retraced, targeting the 1310’00-1311’00 area.
I really hope I’ve been successful at making clear in this week’s posts how odd and unusual today’s price action could be, due to the expiration, the expiration’s unusual timing for a Thursday, the unusual timing of a Friday holiday instead of Monday, the impending three days of illiquidity, and the generally opinionated environment. That said, this being a no-bias environment, the late gain should still be retraced, next week if not today.[/pay]
Afternoon bias
[pay]
| THU afternoon signal | SPX | ES |
| Bias-up: above | 1311.75 | 1313’25 |
| …would target | 1317 | 1318’50 |
| Bias-down: under | 1306 | 1307’50 |
| …would target | 1300 | 1301’50 |
| Signal status: No-bias | ||
[/pay]
Morning bias
[pay]
| THU morning signal | SPX | ES |
| Bias-up: above | 1303’75 | |
| …would target | 1311’50 | |
| Bias-down: under | 1296’50 | |
| …would target | 1285’00 | |
| Signal status: Bias-up | ||
[/pay]