Bias objective met at high, and held.

But 1284.00 hasn’t yet pushed price down.

[pay]The 1277.00-1279.00 area held all tests as support through the opening hour, preventing a break under the 1278.00 bias-down signal. The no-bias objective was a test of the other bias signal at 1284.00.

The bias environment is lapsing without clearly exceeding 1284.00. So, no higher target is in-play.

Excessive optimism defined each corrective dip this morning. Alternating between too brief and too shallow, their higher highs have been expending more buying pressure than being generated.

Now a Head & Shoulders upsloping neckline is reflecting more optimism. And the pattern’s head was just touched. Back under 1282.25 (confirmed under 1281.00) would target 1277.00-1278.00.

Exiting the noon hour under 1277.00-1278.00 would marginalize buyers for the day, and could slide this afternoon. Recovering back above 1281.00 from probing 1277.00-1278.00 could launch another upleg to new highs this afternoon. It’s too late for exceeding 1284.00 to trigger a buy signal, but there’s still room up to 1285.75.

[/pay]