Bias-parameters
Morning bias
Afternoon bias
Initial target met, bias-up target in-play.
Optimism is alive, and, well… alive.
[pay]1346.75 held its pre-open dip down to 1345.25. The recovery above 1347.25 had extended higher long before triggering bias-up at 10:15. In fact, the 1351.75 minimum objective was tested already by 10:30.
Now the rally is trying to resume after dipping to 1349.50. The 1353.50 bias-up target is in-play so long as pullbacks hold 1348.75.
Under 1348.75 would signal momentum reversing down. And that would suggest the 1351.75 test had satisfied buying pressure.[/pay]
Morning bias
Bias-up target already met.
Weak-handed sponsorship puts in a rally during noon hour illiquidity.
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The noon hour’s entry immediately probed this afternoon’s 1341.00 bias-up signal. Its 1346.00 bias-up target has been met already.
In fact, the move up developed without dipping down to any pullback limit. And that includes its 1336.75 origin, its 1338.75 buy signal, and the 1340.50-1341.00 bias-up signals. The rally is testing its first pullback limit at 1345.00.
These extended, un-refueled patterns don’t end well. And they do end. But the interim could include more impatient buying. Back above 1345.75 would suggest the rally was resuming, next targeting 1351.75 and 1353.50.
Beware a fresh high up to 1347.25 whose RSIs diverged negatively. Limiting the impatient buying to the noon hour would be doubly bearish. Fresh high, or not, back under 1342.50 would signal momentum reversing down. Confirmation under 1340.50-1341.00, especially through 1:30, would target fresh session lows.
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