Bias-up target underway?

[pay]Buyers rested, having established the bias-up environment, expending a lot of energy to do so. A 6-1/2 point drop down to 899’00 was quickly retraced, mostly retraced. Recovering 904’00 should then extend higher to fulfill the afternoon’s 910’00 bias-up target.

Another dip under 902’00 had better recover so quickly that the probe looks like a bad print. Sellers start gaining traction under 899’75-900’50, and its support isn’t very strong since it was already tested once. This afternoon’s bias-up environment only assures buyers that their dips will be recovered – not that sponsorship will resume the rally – and the bias-up environment will start lapsing into 2:30.

Unless sellers gain traction at 910’00, it could be probed up above 914’00, especially if the target’s test is during the session’s last hour. Not that a probe above 914’00 would be maintained through the close – in fact, I’ll turn very bearish if its probe is reversed to close back under 910’00.

[/pay]