Bias-up target tested.

[pay]The ESm 1385’00 bias-up target didn’t require a retest because the bias-up signal didn’t trigger. Another pattern was in-play that targeted 1383’00 and 1384’50. All have been met by a rally still underway testing 1387’00, retracing essentially all of yesterday’s rumor-induced plunge.

This places S&Ps right back in the middle of the area I highlighted here in a chart yesterday morning, showing previous attacks having resolved down. Back under 1384’25 would signal momentum reversing down again. Since today’s rally originated during a no-bias environment, its complete retracement back to 1378’50 is required. Further, I suspect, if given the opportunity.[/pay]