Bias-up target met

[pay]Three probes of the ESm 1388’00 bias-up signal ranged 2-1/2 points either way of the ~1390’00 overnight highs. A higher high just met this morning’s 1394’00 bias-up target, and pullbacks must now hold any brief test of 1391’50 to maintain the rally’s momentum (and its potential to touch 1396’00).

MACD & RSI deteriorated during the consolidation around overnight highs, this higher high is less likely to hold or extend much higher for very long. So a drop under 1391’50 through 11:30 (or not long after it) would serve as a sell signal – it might even be this afternoon’s bias-down signal. Meanwhile, there is potential for price action to become paralyzed this afternoon ahead of tomorrow’s Employment report, so S&Ps are more likely to trade flat to lower from here.[/pay]