Horseshoes, hand grenades and renewed bias targets.

Renewed bias-up all but met.

[pay]Being a renewed target, this morning’s 1846.25 renewed bias-up target cannot become “unfinished business above.” Anyway, it was met already to within 2-3 ticks.

Its reaction down held a test of the 1841.00 bias-up signal as support. Firming into the noon hour might have prevented a corrective dip ahead of this afternoon’s Beige Book release.

Avoiding a corrective dip isn’t necessarily predictive either way. I could have helped to refuel buyers for extending the rally, but it also would have been vulnerable to extending down.  And not correcting before Beige Book could keep optimism alive for a more aggressive late upleg.

Until rejecting a probe of fresh highs, or until exiting a relevant timing window well under 1841.00, there probably won’t be any other sell signal calculated before Beige Book’s release.

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