No-bias.

[pay]The noon hour’s low at ESu 1297’50 was tested at the 1:20 timing window, a couple of points above the afternoon’s 1295’25 bias-down signal which wasn’t touched until 1:30. The no-bias environment is unlikely to attempt trending, and trending attempted is likely to be retraced.

Despite the open’s gap down, and spending the entire session so far in negative territory, this morning’s low hasn’t been broken. If there isn’t a recovery either, then today’s session would be classified as “ineffectual pessimism.” The setup tends to produce a bounce of some sort the following day.

Markets do try to avoid the “ineffectual” classification, so the day’s last 90 minutes become increasingly vulnerable to trending one direction or the other.

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