It’s 2:30… Do you know where the bias-down signal is?

It’s being tested now, as overnight selling retraces all of yesterday afternoon’s bounce.

[pay]A “Session-long decline” setup isn’t available. But gapping down under yesterday afternoon’s 1166.00 low would still be bearish. So it’s interesting that 1165.25 was just touched.

Price has been dipping since the Globex open. Before then, actually, since the afternoon’s 1171.00 high pushed back into a close back under the noon hour’s 1169.50 high. This feature indicated that buyers didn’t gain traction. And that’s what open’s the door to sellers.

Back above 1167.50 would start to suggest this dip is only noise. Another point higher and perhaps the dip refueled buyers. For now, keep an eye on this dip as it tries to accelerate at a critical price while RSIs try to avoid getting more deeply oversold.

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