Back-to-back no-biases, not the cleanest breakout.

[pay]The noon hour is an ideal place to hide otherwise irrelevant price action. So it’s interesting that the 944’00 bias-up signal’s test failed by the noon hour’s end. And it’s interesting that all of the probing back above 942’25 also failed through the 1:20 bias timing window.

Similar to this morning, this is a no-bias environment.  And also similar to this morning after having held a test of the bias-up signal, a test of the bias-down signal is in-play. This afternoon’s bias-down signal is 938’50. Its break is likely because this morning’s 933’00 bias-down signal was also in-play, and yet remains outstanding.

All that having been said, we can’t yet count out buyers, or that this is all just preparation for extending this morning’s gap up. After all – at least, after all morning and the noon hour, too – sellers have yet to regain traction.

The balance of this session could continue ranging sideways around last week’s 940’75 high. Today’s breakout attempt becomes much less likely to succeed if not resumed this afternoon. But the only proof of sellers regaining traction would be just that, gaining traction by selling off and not recovering into positive territory.

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