Bias environment lapsing, testing support.

The most important support test all week.

[pay]Weakness during the afternoon’s no-bias environment was constrained by the support of  its 1302.75 bias-down signal. Its touch produced a bounce, and RSIs made higher lows on its retest down to 1302.50.

Now the bias environment is starting to lapse, and 1302.75 is being retested.

Recovering 1304.00 by more than 2-3 ticks could dodge a giant bullet. It would rob sellers of their traction, and potentially even signal momentum reversing up – at least to test 1305.25 or 1306.50.

But any break maintained under 1302.75 – especially going into the last hour – would make new session lows likely. And new session lows that are new trend lows, on a Friday, could melt down significantly into the weekend.

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