Getting back on the same page.

Has market sponsorship arrived at its rally point?

This morning”s price action performed exactly as predicted, which is to say that it was choppy and unpredictable. No contextual clues dictated the lack of trending. It was precisely the opposite — there being no new context — that left the pattern aimless.

But without gapping down enough, the morning was unlikely to trend down. And it didn”t. Not until coming within 10-15 minutes of the bias environment lapsing at 11:30. Then new context had finally arrived.

A sell signal triggered under 2096.50 that was targeting 2091.00, where sponsorship could appear. In fact, 2091.00 is this afternoon”s bias-down signal, and it was attacked to within 2 ticks.

That”s near enough, since the pullback”s template required only a fresh session low. Test the prior low to prove new sellers can”t be attracted, while expending a lot of selling pressure, and avoid putting into play any lower targets. So, this afternoon”s bias environment is no-bias. No requirement to test any specific level, only for the bias signals to define its range.

The vulnerability to rallying again begins possible when the afternoon”s bias environment starts lapsing at 2:30 (or within 10-15 minutes). That will be difficult if price hasn”t firmed by then back above 2095.50 or higher. Exiting the bias environment at or around the lows would be just as vulnerable to trending down sharply.