Bias-up means sell-offs not allowed.

[pay]A push above the noon hour high nearly reached 767’00, then reversed back into the noon hour’s range. And then through it, to test 760’00. This is a bias-up environment, so the timing for a downleg is inappropriate. The structure of the push above noon hour highs is also inappropriate for producing a downleg.

That having been said, there is one template that would justify a downleg, and not a small one: rejecting a probe of noon hour new session highs. Unfortunately, since the 763’50 bias-up signal was met, this setup’s confirmation is a break back under the 757’75 bias-up signal.

Meanwhile, there is room back up to 763’50 while waiting for the bias-up environment to lapse. Buyers might even gain traction on a bounce. Back above 765’00 going into the session’s last hour would target 769’50.

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