No bias.

[pay]The extensive testing of yesterday’s lows was recovered back above the ESm 1353’00 bias-down signal through the open’s first half-hour. Then a surge attacked the 1360’00 bias-up signal before 10:15. The timing was close enough to allow buyers an extra 15 minutes to prove their case by extending higher. But an extra point was retraced through 10:30 to confirm another hour of a no-bias environment.

This makes trending unlikely to be attempted, while any trending attempted will likely be retraced entirely. In other words, it’s all just noise around the 1359’25 print of 10:15 until at least the bottom of the hour, so extremes can probably be faded in anticipation of a reversal back into the range.

Despite all of the overnight instance of optimism (bouncing 10 points from the new low, then stopping short of probing the low), it will be difficult to resume the decline without filling the gap back to yesterday’s 1363’50 close, unless the noon hour is entered back under 1352’00-1353’00.

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