No-bias.

[pay]S&Ps have only ranged sideways off of session highs since probing this morning’s bias-up target. This afternoon’s ESm 1348’50 bias-down signal is only 2 ticks higher than this morning’s, and it was still being tested when the 1:20 timing window opened. Sellers didn’t take control during the next 10 minutes before the window slammed shut.

That means the next hour is a no-bias environment. Trending is unlikely to be attempted, and trending that is attempted is likely to be retraced entirely. Parameters remain valid, but their likelihood is diminished. Speculative traders willing to tolerate more whipsaw potential could still play in this environment. Traders looking for more predictability would consider waiting another hour until the no-bias environment begins lapsing.

So, under 1347’00 (the lowest probe of the bias-down signal tests) could still trigger a drop to the 1341’00 bias-down target, maybe even fill the gap back to yesterday’s 1338’00 close. But the odds of success are lower, and the odds of retracing any success are higher.

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