S&P 500: Fresh highs wait, but still lack credibility.
|MON afternoon signal (triggered at 1:20 ET)||SPX||ES|
|Signal status: waiting for trigger||FAQ|
- At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target.
- Not triggering either bias signal at 1:20 would be “no-bias,” and the bias signals should define the morning’s range. – A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias.
- Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal. – “Late” signals don’t require testing the opposite bias signal, but it’s still likely.
Still testing the bias signal at 1:30 after invoking the grace period would trigger “non-bias,” with no bias influence.
Ed Note: Each trading day traders can listen to live, streaming squawk box commentary on FUTURESmag.com coming directly from the S&P trading pits in Chicago.