Bias-up… Denied!

Trending down since the signal, threatening to unwind this morning’s recovery, too.

[pay]I think I mentioned in my last blog post that the 1240.00 bias-up signal had triggered. Actually, I repeated it several times, because 1238.00 was being tested as support.

So, I also described how the bias-up could be invalidated. One of those has happened — the bias environment was exited back under 1240.00 without being recovered into the last hour.

This afternoon’s 1232.25  bias-down signal was just touched, but it’s too late to trigger. Oversold 1-minute RSI has helped its support to launch a 3-1/2 point surge up to 1235.75.

If this bounce were to peak here and reverse back under 1232.25, the bottom should all but drop out. Otherwise, the balance of the session can gravitate back up.

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