Gap down testing bias-down, and buyers’ resolve.

[pay]The retest of Sunday night’s opening high did neutralize its magnetic attraction, and sent price down sharply overnight. The 830’50-832’50 area was capable of launching a recovery, but it has been probed by 5-1/2 points.

A 3-minute bar ending under 825’50 would make it very difficult to recover the 828’50 bias-down signal. That would also confirm the gap down under Friday afternoon’s last relative low, whose opening break here would signal a session-long decline. Two probes under 825’50 so far have been too quick, and bounces meanwhile need to hold 827’25 as resistance

Recovering the 828’50 bias-down signal through 10:15 would signal no-bias, and would also put into play a test of the 836’50 bias-up signal. A retest of the overnight highs wouldn’t be in-play before recovering 838’00.[/pay]