Art's futures biases for Aug 22.
A "1" means bullish bias. A "-1" means bearish bias. The total is the sum of biases. A positive sum will be long bias. A negative sum will be a short bias. A sum of zero will be a neutral bias.
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There are definite cross-currents for Tuesday, particularly in the indexes. The calendar side urges longs based on the day-of-month indicator moving into it's near-month-end buy mode.
The less frequent indicators, on the other hand, are posting some convincing sell signals. All three markets had five up days in a row followed by a down one as shown on the second line of the second box. That historically portends a good bet for selling the next open. The S&Ps are adding further support to that argument with their cap top formation. That market also adds the only non-neutral either-or signal to the equation--it's a sell.
In short, the balance tips only slightly to the sell side, but I'm willing to buy the argument. Remember, the calendar tendencies can easily be a day or two off and we have had a pretty overbought environment of late.
