Late Bias-up, perhaps a little too late.

[pay]After repeated round-trips between the ESu 1248’25 bias-up signal and its 1253’50 target – including one 5-point detour to 1258’75 – the 10:15 timing window was still testing the bias-up signal as support. That prevented its failure from becoming a sell signal, but the door remained open to signaling no-bias if buyers didn’t reassert themselves by 10:30.

Actually, buyers didn’t wait very long at all, and rallied one more time back to the bias-up target, remaining above the bias-up signal through 10:30 to fulfill its late trigger. So sellers are not in control here, as they have missed every opportunity through every relevant timing window to break under a relevant support. That doesn’t mean the market will suddenly rally.

Since buyers aren’t stepping in to fill the void, the pattern has room to test the 1243’25 bias-down signal by as much as 1 point without letting sellers gain traction – buyers certainly don’t seem willing to dominate price action at present levels or this morning, or both. Meanwhile that unwillingness by buyers is matched by only an inability by sellers to regain control, so at this point I am still monitoring for long-entry oppportunities.

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