Let’s see whether no-bias means no-bias.

A drop from “out of nowhere” is likely to retrace.

[pay]The noon hour’s narrow range didn’t threaten either bias parameter. Not through the 1:20 timing window, and not by 1:30, either. Ten minutes later price plunged nearly 6 points down to 1169.00.

Anything under the afternoon’s 1171.50 bias-down signal in a no-bias environment is no-bias trending. Trending during this window at all wasn’t likely to be attempted. All of the trending attempted is likely to be retraced. And the no-bias trending’s retracement would be likely to slingshot price back to prior highs.

RSIs were mixed at the 1069.00 low. While 1-minute diverged positively, 3-minute made a higher oversold low. There is no particular timing for the recovery, but back above 1171.50 would target 1173.50-1174.00.

Closing back under yesterday’s 1170.50 highs would be interesting ahead of tomorrow’s report. I’ll discuss that next hour if it becomes a threat.

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