Bias-parameters
Morning bias
Afternoon bias
Morning bias
A new expiration bias?
Also, special broadcast update included.
[pay]Entering the noon hour still under the bias environment’s 1393.50 high is undermining the recovery scenario. Exiting the noon hour above prior highs would help instead to undermine the bearish Wednesday Expiration Indicator.
New highs are being probed up to 1397.00. This morning’s 1395.25 bias-up target has been fulfilled, and higher highs are possible so long as pullbacks hold it as support. Preferably, a valid upleg would not even revisit this afternoon’s 1393.50 bias-up signal as support.
1-minute RSI is diverging negatively at 1397.00. Exiting the noon hour back under 1392.50 would start to signal momentum reversing down. Even that might not be enough to confirm that Wednesday’s Expiration Indicator is bearish — not until actually retracing today’s entire bounce, still made possible by oversold RSIs at the 1387.25 low.
UPDATE: I will be unavailable between 1:30-3:00, then back for the session’s last hour (but without audio, typing only). There will be no Market Wrap today.
[/pay]