Bias-up target met.

[pay]The overnight dip back into Tuesday’s range helped to refuel buyers ahead of this morning’s econ reports. The ESm 1343’00 bias-up signal had been exceeded already. A steep reaction to CPI was quickly absorbed by a recovery that just fulfilled the 1351’00 bias-up target. Pullbacks need to be extremely short and shallow to maintain the rally’s momentum, preferably no lower than 1350’00. But considering all the resistance now being tested from prior sessions (last Wednesday’s low and last Friday’s high), there isn’t much reason to remain long.

The bias-down signal is too far below to use as a sell signal (which is what a bias-up signal becomes when a test of its target is retraced by 10:15am ET). But back under 1347’00 would signal a drop back to the 1343’00 bias-up signal.[/pay]