Bias-up, a really tempered bias-up.

[pay]Post-open buying reached 1293’25 while RSI performed almost inverse from the buy signals it delivered all the way down to 1287’75. The 1289’00 bias-up signal was maintained through 10:15, and although it wouldn’t have changed the signal, 1289’00 held a test through 10:30.

That hasn’t impressed buyers who have let S&Ps slip further to 1286’50. Each dip’s lower low has been recovered back above the 1289’00 bias-up signal, so it does appear that buyers are absorbing the selling. The bias-up environment and yesterday’s Gotcha setup already indicate that pullbacks are likely to be recovered.

The parrying between buyers and sellers can last indefinitely, but back above 1290’50 should trigger an obvious recovery to put back into play the 1296’25 bias-up target.

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