Bias-up’s test just went into overtime…

Opening gaps seem pretty decisive at the time. They rarely are.

[pay]The open’s surge to 1273.00 fulfilled the 1272.50 pre-open high’s retest. It quickly pushed back down to the open’s 1270.50 low. A shallower bounce failed and reversed down to 1268.50.

Despite bouncing up to 1271.00, the 1269.50 bias-down signal was still being tested within 3 minutes either way of the 10:15 timing window. This invoked the 15-minute grace period. Holding 1269.50 as support through 10:30 would put into play the 1277.25 bias-up target.

Failing to hold 1269.50 would trigger no-bias. Unlike yesterday’s invalidation of its bias-down at 10:30, it is not too late to trigger no-bias, and put into play the 1261.00 bias-down signal’s test.

Regardless, recovering 1271.00 at any time (it was just touched) should be possible only if 1269.50‘s test had held. Similarly, back under 1269.00 would signal momentum reversing down.

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