All biased-up and nowhere to go.

Reminder: There is no formal Open House this weekend.

[pay](I will be available briefly Saturday morning and will respond to any chart requests posted in the chartroom. But there is otherwise no formal meeting or start time.)

1284.00 supported pre-open weakness, but it quickly became resistance after the open. The open’s dip retraced back under 1279.00 where Libya announced its cease fire, down to 1276.75.

This being a renewed bias-up environment (i.e. the 1276.25 bias-up target was exceeded through 10:15), the attack on 1276.25 reversed into a bounce.

Now the most recent productive bounce limit at 1280.00 is being probed by 1 point to signal that the drop has lost its momentum. A new distribution pattern could form new momentum by backing-and-filling up to 1281.00-1282.00.

Of course, that would expose the pattern to buyers potentially gaining traction to resume the rally. Upside potential could be to the 1286.00 target, which was only tested (twice) pre-open but not intraday, or to trend up sharply to fresh highs.

[/pay]