Bias-up target met. Bias-down coming?

[pay]The bias-up target’s test reached ESm 1393’25 before reversing down to probe 1386’25. That’s essentially a test of this morning’s 1387’00 bias-up signal, and also of the open’s gap. The gap back to yesterday’s futures close was also filled, but the cash session close is another story. It’s higher, and might be out of reach if this session has any intention of falling further today.

The overnight low’s “new Globex trend extreme” down to 1381’75 would be retested on the way to this afternoon’s bias-down target. But more important to next week’s price action is whether that test actually occurred, and whether S&Ps recover from it before the close.[/pay]