Bias-parameters
Morning bias
Afternoon bias
Morning bias
Afternoon bias
Bias-up, or not bias-up. That is the question.
And the answer is no-bias. Which is like a bias-down. Clear as mud.
[pay]An opening dip to 1333.00 would have refueled buyers to recover back to 1335.75 pre-open highs. Perhaps higher. But impatient buying up to 1335.75 neutralized its attraction, without extending higher.
That’s when 1333.00 attracted price lower. So did the 1332.25 bias-up signal. In fact, the gap back to yesterday’s close was probed into negative territory down to 1327.50.
Having held a test of the 1332.25 bias-up signal before triggering no-bias, a test of the 1326.00 bias-down signal is in-play. The objective would be nullified if 1332.25 were recovered when the bias environment starts lapsing after 11:30. Otherwise, the unfinished business below would help to extend the slide into the afternoon.
1326.00 isn’t so bad. If it holds. Recall my last post’s warning, that “gapping up can expend more energy than it creates. The bullish influences are so clear that not trending up this morning would suggest some underlying bearishness preparing to appear later today.”
Even more bearish potential has appeared since at least two consecutive positive divergences were ignored on the way down. That often means market facilitators are in touch with much bigger selling pressure coming down the pipeline.
Currently, oversold 1-minute RSI and uptrending support from yesterday are trying to launch another corrective bounce. But since the open’s gap up was under the range’s prior highs, it does not require a retest. Entering the noon hour in negative territory could foreshadow much bigger selling this afternoon.
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