No-bias, and how that could trigger a drop.

[pay]The afternoon’s 870’00 bias-up signal was tested thoroughly as resistance coming out of the noon hour. I noted in the chartroom that RSI was alternately under-performing and deteriorating. A small spike down before 1:20 attacked 868’00 through 1:30, and also triggered no-bias.

Holding a test of one bias signal (actually piercing it but not recovering it through the relevant timing window) makes a test of the other bias signal likely. So a test of this afternoon’s 863’25 bias-down signal became likely. In fact, the signal was just tested within 1 tick, on the heels of a steep decline, making a hesitation or bounce likely.

If that hesitation or bounce resolves down to break under 865’50, then it puts into play a test of 859’00 that still requires a retest. And probably much lower as compensation for having delayed its required retest.

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