Bias-down rally trying to outrun the news cycle.

[pay]The open’s surge was too aggressive relative to its origin, but didn’t find a negative divergence until touching 831’50. A drop to 824’50 didn’t see indications of increased selling pressure, and now a new session high is attacking the 838’25 overnight high within 1 point.

This morning’s bias-down signal may have fallen victim to this morning’s fluid news environment. Perhaps it was a product of that news flow. It is a bias-down rally, nonetheless, and its complete retracement is required – perhaps when the news takes a break several minutes from now. The pre-open low also requires retest, whether later today or later this week.

There is potential to the 841’00 bias-up signal so long as 834’00 holds as support. Entering or exiting the noon hour back under 834’00 would indicate that buyers had lost momentum. Under 833’00 would start signaling that sellers were gaining it.

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