Bias-down-down-down.

Sharply lower lows coming into outstanding objectives.

[pay]The retest of last week’s 1176.75 Globex lows was narrowly avoided by the open’s drop. Despite a drop of more than 20 points, this was just more of the same optimism that characterized yesterday’s bounce as a correction.

Regardless, this morning’s environment is bias-down, and a bounce to 1183.00 reacted down through 10:30. That leg has reached 1171.50, within a couple of ticks of the 1171.00 target.

RSIs are improving again, making this low likelier to hold, or at least refuel sellers. It’s still a bias-down environment and I’m willing to sell under 1171.00. That might be this afternoon’s bias-down signal, with a 1164.00-1165.00 bias-down target.

[/pay]