Bias-down target met.

[pay]The pullback continued through the noon hour and then accelerated at 1:00, in time for the ESm 1407’00 bias-down target to be tested twice just before the 1:20 timing window. MACD & RSI diverged positively on the second test, so back above the 1408’75 interim high would signal that selling was done.

It’s still a bias-down environment for the next hour regardless, so any bounce would have difficulty extending above yesterday’s highs in the 1410’50 area. But above there later this afternoon should have a clear shot back up to 1416’25-1417’25. It had better. Otherwise this would be the week’s second new high intraday that was rejected to close back under a prior high. While that would be in-line with the semi-expectation for this to be a brief rally before resuming the bear market decline, the second rejection would make the next downleg very steep.[/pay]