Bias-down target met. Several times.

[pay]The drop into yesterday’s close extended down through the 788’00 bias-down signal, pausing only once before reaching the 781’00 bias-down target. A momentary spike probed the target down to 779’50 where a a bigger bounce nearly touched 792’00.

But the target had yet to be met intraday, which required the cash session to open. And that’s when the 781’00 target was met intraday. Its test extended down to also test the 779’50 overnight low.

Except for completely retracing the rally from Monday’s lows, all other near-term selling pressure has been satisfied. Falling back under the 781’00 bias-down target through 10:15 would renew the bias-down signal. Back above 783’25 would trigger a retest of the 788’00 bias-down signal – potentially to refuel for a bigger break lower.

[/pay]