Is it, or isn’t it, a session-long decline.

Lower and lower lows suggest as much, the timing is suspicious.

Having trended up into yesterday”s close, gapping down under yesterday afternoon”s low could have triggered my “session-long decline” setup.

In fact, the open did gap down to yesterday”s last relative low of 2108.75. And the opening 15 minutes of volatility did extend under it. But it wasn”t optimal, since the first 10 minutes ranged sideways.

Only in retrospect, since the late extension down triggered bias-down, can we consider the session-long decline may be operative. 

During the setup, each timing window”s low tends probe under the prior timing window”s low, with one exception. And that exception tends to be the noon hour. Today”s noon hour did probe under the prior timing window”s low. So, again, the setup is not optimal.

Finally, the noon hour touched the 2095.50 bias-down signal. Despite approaching it aggressively, its reaction up was also aggressive. And pretty productive, already touching 2104.25. That was this morning”s bias-down target.

This afternoon”s bias environment probably won”t probe under the noon hour”s 2095.50 low. The next timing window need only probe under the bias environment”s low — currently ~2101.00 to maintain the setup. And the last 60-90 minutes would be vulnerable to trending sharply in either direction.