No-bias, and that’s the bullish scenario.

[pay]The bias-up signal was still being tested at the 10:15 timing window, allowing buyers a 15-minute grace period to advance things along. But S&Ps have only ranged since then about 2 points either way around ESu 1288’00-1289’00. Buyers have more work to do building a base if they intent to rally this afternoon. And they had better rally, because to stand still here would be to fall behind, attracting new sellers if buyers appear to be weak.

If buyers do get their act together today, then we’ll start focusing on whether the session can close above this morning’s 1291’00 high. After gapping up in a downtrend, and then recovering from another dip to new trend lows, closing above this morning’s highs would form a Pivot Reversal session triggering a rally lasting several days.

But first things first. The 1282’00 bias-down signal is being retested, threatening a retest of this morning’s 1280’25 low, the 1276’00 overnight low and possibly even the 1275’50 bias-down target. A no-bias environment is the best time for a rally to satisfy sellers, but that’s risky at trend lows after a big session loss with the weekend’s illiquidity just hours away.

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