Late bias-up. Too late?

[pay]The 908’00 bias-up signal was thoroughly probed as support through 10:15. But its print was still part of the 3-minute bars surrounding the bias window, invoking the 15-minute grace period through 10:30. By then price had extended up to test 911’00, triggering a late bias-up signal.

The pre-open and opening range was narrower than yesterday’s wide swinging roller coaster, but the volatility was so much greater, that nothing could be taken for granted until the final opportunity for a signal to trigger. Even then, price action isn’t trending.

This environment is far from ideal. Overnight highs weren’t recovered through a relevant timing window, robbing buyers of some traction. Yesterday’s high is still being tested as support, to within 2 ticks of 908’00.

Perhaps the balance of the morning does fulfill its mandate to probe overnight highs up to the 914’25 bias-up target. Perhaps buyers get a benefit of the doubt so long as 908’00 isn’t touched, let alone broken. But the path there probably won’t be direct.

Meanwhile, there has been even more testing of the 903’25 level that was critical yesterday afternoon, and last night. This testing is chipping away at its support, and there but for the grace of a timing window break goes the next substantial downleg.

[/pay]