In the absence of selling…

The opposite of down might be a squeeze.

This afternoon”s 2114.75 bias-up signal (also this morning”s) was the noon hour”s high. The noon hour had been entered under the morning”s 2113.00 high, and the reaction down fell back under the morning”s high. This is the basis for a “lunch hour reversal” setup.

The rest of the setup didn”t develop. That would have extended down under the 2111.00 noon print, through the 1:00-1:20 noon hour exit. At 1:20, the morning”s 2113.00 high was being retested. No lunch hour reversal.

Also, not a bias-up. This is a no-bias environment. Trending up during it is unlikely, or would be “no-bias trending” that requires retracement.

But the bias environment will lapse at 2:30. Its constraint will become irrelevant 10-15 minutes prior. And since sellers failed to exploit the noon hour”s weak exit, buyers may yet exploit the bias environment exit”s strength.

Hovering 1-2 points either way around 2113.00 would remain vulnerable to trending higher through the bias environment”s exit. And this being a Friday, sitting at new highs, that could take on short-squeeze characteristics. Be careful not to get caught short if the bias environment isn”t exited under 2110.00-2111.00.