Mid-day Update… Tepid, or timid?

Another last-minute bias signal reflects on sponsorship.

This morning’s 2743.75 bias-down signal wasn’t touched. Holding a test of the morning’s 2254.75 bias-up signal had put its test into play. That could have been invalidated by exiting the bias environment above the morning’s 2760.50 bias-up target. That’s rare even to be tested after having held the bias-up signal at 10:15. Which is why recovering it would have reflected more than noise.

It was noise. A lot of noise. Rallying this morning up to 2760.50 and no higher expended as much buying pressure as possible without gaining traction for the effort. So, 2743.75 becomes “unfinished business below.”

2760.50 is now this afternoon’s bias-up signal. It was triggered by a 2-tick margin. And that was late, after having invoked the grace period. Decisiveness isn’t very important for timely signals, but late signals like it. Still hovering at 2760.50 for this long only confirms  the late bias-up’s unreliability. Back under 2758.00 would start to signal momentum reversing down.

That said, STILL hovering at 2760.50 as the bias environment lapses would become more vulnerable to extending higher. Whether its inability to trigger was due to tepid sponsorship that’s losing steam, or due to timid sponsorship that would be bullish from a contrarian perspective, fresh highs would target 2765.00-2766.25. Then, the difference between tepid and timid would dictate the next leg’s direction.