Bias-up for pullbacks.

[pay]At 1:30 the bias-up target was still being tested. Now the signal, the target. This is a bias-up environment. Dips are likely to recover and breaks of resistance are likely to extend higher. Neither needs to happen at all since the target was met and held. But at least we do know that a sell-off is unlikely for at least another hour.

I am expecting a pullback to appear before a break of resistance, and possibly no break of resistance at all. In fact, the last of yesterday afternoon’s drop was just retraced back to its ESm 1368’00 origin – natural resistance. I wouldn’t be surprised if it wasn’t exceeded, but a pullback to 1361’00 that recovers back above 1362’75 will likely attack it again. Otherwise, 1359’00 would be the next likely pullback target.

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