Bias-up… paging Bias-up…

[pay]The afternoon’s bias-up signal doesn’t mean price can’t try to trend down. The signal means that’s unlikely, not impossible. But when trending down is attempted during a bias-up environment, it is likely to be retraced entirely, and then reversed to higher highs.

That’s being tested right now. The afternoon’s bias-up signal was triggered by S&Ps being above ESm 1327’25 through 1:20-1:30pm ET. Now a pullback to 1324’00 is probing the support of this morning’s 1326’50 high. That needs to be recovered through 2:30 just to avoid letting sellers gain traction. Back above 1328’00-1329’00 would help buyers gain traction, too.

MACD is in negative territory but it hasn’t deteriorated further in the past 15 minutes, and that deterioration never exceeded its low of 30 minutes ago. Meanwhile, RSI made two higher lows. Volume is firm but needs to increase noticeably to confirm any renewed buying here. And buying does need to be renewed here so a last-hour downleg doesn’t begin.[/pay]