Bias-parameters

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Buyers push higher, but too little, too late.

[pay]The noon hour’s range trended back up toward the morning’s 1249.75 spike high. But no higher. This afternoon’s 1249.00 bias-up signal wasn’t even touched until more than 3 minutes after the 1:20 bias timing window, too late to invoke the grace period.

And although 1249.00 was probed, it was still being tested at 1:30 to avoid invalidating the no-bias. In other words, buyers could have retaken control, and did not.

That doesn’t prevent probing yet higher highs. It just provides context, that its sponsorship would be weak hands, and doomed to failure.

The recovery attempt’s bigger weakness is that it did not exploit sellers’ own weakness. Triggering no-bias is one thing. But that was despite trending up during the noon hour.

Any burden of proof is still on sellers. Exiting the bias environment back under 1246.75 and extending under 1244.50 would be ample evidence of momentum reversing down hard. Otherwise, the pattern doesn’t necessarily default to buyers. Delaying another probe above 1249.00 until the bias environment starts lapsing would be bullish.

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Upside objective put into play, and already met.

[pay]The 1233.00 bias-up signal held as support, 1236.00 was recovered through the first 15 minutes of volatility, and the 1239.00 bias-up target was exceeded through 10:15 to renew the bias-up signal.

The 1244.00 renewed bias-up target was also tested — and held its test — through 10:15. This is a renewed bias-up environment, whose renewed bias-up target has been met.

There is room for noise 2 points above 1244.00, but no requirement to test it. And no requirement to hold and reverse down from 1246.00 if tested. But recovering 1243.50 would be likely to test 1246.00, anyway.

Maintaining a break back under 1241.25 would target 1233.00.

Regardless, exiting this consolidation should be done very aggressively. Not extending sharply in that direction would be likely to fail.

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