Bias-parameters
Another bias target met?
The high has come within 1 tick of 1289.00, while RSIs diverge negatively.
[pay]This afternoon’s bias environment is now lapsing. The 1289.00 bias target has been met within 1 tick. RSIs did deteriorate into its test, but have not diverged negatively. That, and narrow ranging just under it for 30 minutes suggest 1289.00-1290.00 will be tested.
Currently, a dip to 1287.00 has taken 1-minute RSI to nearly oversold levels. That could have absorbed enough froth to produce a fresh high.
Reacting to a fresh high by dipping under 1287.750 could trigger a quick slide down to 1282.00 or 1280.00.
Just entering the next hour under 1287.00 would suggest momentum was reversing down.
Closing above 1289.00-1290.00 would put into play the next higher objective around 1310.00. It would have to be confirmed Monday, although it should be noted that Friday breakouts usually aren’t. Also, a second consecutive breakout immediately following an unconfirmed breakout usually isn’t confirmed, either.[/pay]
Afternoon bias
Bias objective met at high, and held.
But 1284.00 hasn’t yet pushed price down.
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The 1277.00-1279.00 area held all tests as support through the opening hour, preventing a break under the 1278.00 bias-down signal. The no-bias objective was a test of the other bias signal at 1284.00.
The bias environment is lapsing without clearly exceeding 1284.00. So, no higher target is in-play.
Excessive optimism defined each corrective dip this morning. Alternating between too brief and too shallow, their higher highs have been expending more buying pressure than being generated.
Now a Head & Shoulders upsloping neckline is reflecting more optimism. And the pattern’s head was just touched. Back under 1282.25 (confirmed under 1281.00) would target 1277.00-1278.00.
Exiting the noon hour under 1277.00-1278.00 would marginalize buyers for the day, and could slide this afternoon. Recovering back above 1281.00 from probing 1277.00-1278.00 could launch another upleg to new highs this afternoon. It’s too late for exceeding 1284.00 to trigger a buy signal, but there’s still room up to 1285.75.
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