A bias-down, looking for traction.

Fresh lows, or not fresh lows. That is the question.

[pay]The 1282.00/1285.00 bounce limits each were tested into and out of the open. Both gaps to yesterday’s cash and futures closes have been filled. And the 1284.00 bias-down signal held its tests as resistance.

The reaction down fell to 1279.00 where a bounce began that reached 1284.00. It reached 1284.00 within 3 minutes of the bias timing window, in time to invoke the 15-minute grace period.

Recovering 1284.00 through 10:30 would have triggered a late no-bias, putting into play a test of the 1292.50 bias-up signal. Instead, the 1277.00 bias-down target is in-play.

That said, 1277.00 having been tested already overnight, beware if the bias environment were exited after 11:30 back above 1284.00. The excessive pessimism has shown signs of wearing, and there is still potential for launching a corrective bounce.

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