Bias-down target met, and then some.

[pay]Rather than end the post-open weakness, the noon hour only accelerated it. The ESu 1273’00 area held as resistance through 10:15, so the first potential rally signal didn’t present itself until after 11:30 above 1272’00. Its test reversed down 6 points at noon, and now 14 points further at the bottom of the noon hour, touching last week’s low down to 1251’50.

The 3-minute RSI was oversold at the low, so any bounce would be likely to fail. And there is room to bounce up to 1261’50 just to correct the 24-point drop from session highs. Regardless of any bounce or its peak, simply being under the 1257’00 bias-down target through 1:20 would put into play 1244’00-1247’00. The bias-down signal would become a buy signal if recovered through 1:20.

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