A la carte decline suggests something new afoot.

Two higher objectives being ignored by an active sell signal./

This afternoon”s 2094.00 bias-down signal triggered. The morning”s attack on 2101.00 was retraced during the noon hour down to 2096.00, and now the afternoon”s 2088.75 bias-down target is being tested.

All, despite higher objectives having been put into play yesterday morning and this morning (2010.25 and 2002.00).

This doesn”t happen often, triggering a contrary bias while an opposing bias remains outstanding. When it has happened previously, it has been only temporary. And it has been because of a new story — and not because of new developments in a pre-existing story.

So, a bearish development in the Greece drama wouldn”t be responsible, because that story pre-existed the higher objectives being put into play. 

Having tested this afternoon”s bias-down target, exiting the bias environment at 2:30 back above its 2094.00 bias-down signal would be bullish. Otherwise, holding bounce limits would allow the drop to extend down to 2083.50.