Bias-up seems biased against up.

[pay]The morning’s bias-up signal held as support through 10:15, making pullbacks likely to recover and tests of resistance likely to break higher. The bias-up target was already met, which doesn’t necessarily inhibit higher highs, but in this case it has.

A wide range has developed between 1260’75-1264’75, and every probe above 1263’50 further chips away at resistance. But that’s not yet produced a bigger bounce.

It would still be surprising to me to look back at the end of the day and not see a chunk of time spent ranging back under Friday’s highs. A close under Friday’s highs is still the most likely outcome. But it would also be surprising not to also attack session highs one more time. Regardless, a close above the 1267’00 area would be bullish.

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