Bias-parameters
Morning bias
No no-bias, not nomore.
Bias environment lapsing, testing resistance.
[pay]The no-bias environment began lapsing at the bottom of the hour. Its 1402.00 bias- down signal was, in fact, the range’s lower-end. This morning’s 1406.75 bias-down signal — the morning’s last relative high — is being tested as resistance.
The bias environment is being exited above the noon hour’s 1405.00 high. Entering the final hour above the bias environment’s 1407.00 high would suggest momentum had reversed up. But the pace should be aggressive for confirmation, in addition to extending higher through 3:10-3:20.
I’ll give the upside a benefit of the doubt so long as 1405.00 holds as support. But that aggressive behavior needs to be apparent soon.
Otherwise, despite there being no unfinished business below outstanding, back under 1404.00 would start to signal a probe of fresh lows underway, presumably targeting 1397.75 or lower.
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