NO-BIAS

Has sponsorship caught the early plane home?

[pay]The open’s 4-point surge up to 1804.50 was retraced back down to the 1801.50 pre-open low. It did not extend down until after a knee-jerk reaction to 10:00’s econ reports. Then the extension down plunged to 1798.75.

That’s still not 1796.00. That’s still not fulfilling the 1796.00 “unfinished business” left outstanding from yesterday. And that’s still not a test of this morning’s 1796.00 bias-down signal.

So, selling pressure hasn’t been neutralized, which makes it the likely attraction. But the opening bounce didn’t bounce high enough to require an offsetting test of the bias-down signal.

At least, without putting into play any test of higher levels, the market remains in the orbit of 1796.00 below. But there is no predictable path down. This morning’s 1798.75 plunge stopped optimistically short of touching yesterday’s low just 1 tick lower, and no accumulative pattern has formed.

So, ssellers continue getting every benefit of the doubt — so long as the 1806.00 area isn’t recovered through any relevant timing window.

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