Bias-up absorbing sellers, but at what cost.

[pay]703’00 was recovered at an accelerated pace, and it was enough to probe yesterday’s 709’50 high up to 710’50. RSI had already diverged negatively upon testing the 708’00 bias-up target, so the repeated infraction at the high called for n even greater penalty: a dip targeting as low as 699’25.The target was met, defining the morning range’s lower-end.

The 708’00 bias-up target is being retested now, and this is a bias-up environment. But the target already held one test through 10:15 to avoid renewing the bias-up signal, so its retest now isn’t likely to extend higher.

Back under 704’00 would signal momentum reversing down again, probably late enough to coincide with the bias-up signal lapsing so trending can reverse down. Waiting until then to try breaking above 708’00 would give it a better chance of succeeding.

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