Bias-down target met, too.

[pay]RSI had continued diverging negatively while the ESu 1271’00 bias-up target was being probed by nearly 3 points, but the cash session’s open found sellers ready to go. A hesitation at the 1269’25 sell signal resolved down, and sellers slowed again upon testing the 1266’25 bias-up signal as support. Eventually the 1257’00 bias-down target was probed by more than 1 point. Ultimately a lower low reached 1251’75.

Currently S&Ps are sitting right back at 1263’50 where the Employment report was greeted. As I have said a couple of times (so far) this morning in the charting room, while this shortened session might be more volatile than some weeks, it might end less changed than some weekends.

The recovery attempt probably won’t stop here, and is next target is 1268’00 so long as 1261’00 holds as support. Another sell-off would target a retest of the low which was accompanied by oversold 3-min RSI. That scenario would have bullish potential, because it could resolve unfinished business below, while leaving the gap back to today’s 1272’25 for attracting price higher next week. By the same token, holding a test of 1272’25 today would be bearish.
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