Holding patter(n).

Invalidating bias-down is only half the battle.

Exiting this morning”s bias environment at 11:30 above the open”s 2105.00 high invalidated whatever was signaled at the 10:15 bias timing window. That was a bias-down, so this morning”s bias-down is invalidated. There is no “unfinished business below.”

Buyers didn”t necessarily gain traction. They only laid the groundwork. 

That would require at least triggering this afternoon”s bias-up signal. But that”s 5-6 points higher, after a noon hour dip returned to 2101.50 support, now also this afternoon”s bias-down signal. Just recovering above the open”s 2105.00 high could be productive, if only to hover into the bias environment”s exit and then trend up.

Meanwhile, there remains a vulnerability to dropping again. That may be the market”s plan — non-trending fluctuation, not necessarily dropping — as the Grexit drama finds ways to drag itself out for longer. Having said that, drops at this stage are still not credible for being durable.