Bias-up decline.

[pay]Another leg down came within 2 ticks of this morning’s ESu 1255’50 bias-down signal. Its test would have been required had the bias-up signal not triggered after fulfilling its target.

It’s not the return into Friday’s range that is surprising, it is its timing during a bias-up environment. Sellers didn’t command a single timing window, but they’ve gotten all the benefit. Being a bias-up decline, this morning’s drop is now likely to be retraced back up to 1265’00 where S&Ps were trading at 10:15.

Back above 1258’50 would preliminarily signal at least a test of the afternoon’s 1261’75 bias-up signal. 3-min RSI was oversold at the low, requiring the low’s retest whether sooner to facilitate a bounce, or later to doom it to failure.

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