Bias-up target met anyway.

[pay]The Durable Goods reaction to higher highs was retraced deeply enough and for long enough to signal No-bias at 10:15. Although this made a test of the 1267’25 bias-down signal likely, that was invalidated when the 1274’75 bias-up signal was recovered through 10:30.

Similar to yesterday’s last-minute late bias-up, the bias-up target was met quickly – up to 1279’75. And similar to yesterday’s late signal, the breakout is very vulnerable to being retraced.  Already the 1276’50 overnight high is being tested as support.

Negatively diverging technicals on a bounce back to 1278’50-1278’75 would be bearish. It would also help to run out the clock on this morning’s failed No-bias environment so that trending can resume. Entering and/or exiting the noon hour back under the bias-up signal would also be bearish.

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