Bias-down target met.

[pay]A post-open retest of ESm 1397’25 suffered the same fate as the pre-open test, reversing to attack the 1394’00 bias-down signal. The signal triggered through the 10:15 timing window and extended down through the bottom of the hour, quickly fulfilling its 1389’00 target. Ranging 1-1/2 points either way since then suggests the target is valid, so now the question is whether basing can form here to allow a recovery attempt.

Bounces have room up to 1391’75 before buyers start gaining traction. Above 1392’50 would signal a bounce underway targeting 1396’50. Under 1388’00 would instead signal this morning’s decline extending down to 1378’00. There’s still potential for this to be more defensive posturing or healthy pessimism ahead of upcoming news, but that potential is shrinking fast.[/pay]