Anyone who rejects the idea that the index futures don't shadow each other all that closely ought to consider the price action of the last few days.  Clearly, the Russell is in its own world, registering a fairly significant drop as the rest of the markets continue to extend their consecutive up closes, which is now at six.

The S&P and Nasdaq signals remain short in accordance with both the monthly time frame and weekly signals.  The drop in the Russell, however, was enough to trigger several countertrending indicators to the longside. 

Dynamic Monthly Biases for July 15

Reverse from short to long in the Russell.  Hold shorts in the S&P and Nasdaq.

The bottom two rows determine the signal.  Dynamic Day One trumps everythingâ€"you always follow it.  When it's neutral, the Monthly Perpetual provides the direction.  Click here for a more in-depth explanation of the rules.

Daily CzarChart for July 15

The bottom row provides the direction of the bias at the open: long (L) or short (S).  When it's neutral, it will read zero (0).  Click here for a more in-depth explanation of the rules.

DISCLAIMER: It should not be assumed that the methods, techniques, or indicators presented on in this column will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on this column are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The author, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.

Art Collins will be speaking at the Chicago Trader's Expo on Saturday, July 16, from 8:00 to 9:30 a.m. The presentation is Identifying, Combining and Profiting from Daily Biases in the Futures Markets.  E-mail Art at artcollins@ameritech.net.