“NO-BIAS” barely defines it.

Wide-ranging open keeps returning to unchanged.

[pay]A pre-open recovery extended through the open to twice test 1806.75. Recovering it through 9:45 would have been likely also to test the bias-up signal above it. Holding its test made the bias-up signal’s test less likely, or at least likely to hold.

There was no higher high, let alone a test of the bias-up signal. Holding 1806.75 produced a steep slide to 1801.25. Price action since then has ranged a little more narrowly, but not much, back up to 1804.00-1805.00.

And recall that 1804.00 was Friday’s cash session close. Unchanged.

Probing higher earlier doesn’t make buyers credible, not if the probe isn’t maintained. Consolidating in negative territory or unchanged, so close to 10:15, further undermines buyers. But credibility doesn’t then default to sellers, since they haven’t been very productive either.

So, this morning’s choppy action doesn’t reflect any sponsorship able to maintain a trend. It doesn’t tell us trending won’t be attempted — just that the trending is likely to fail. A fresh session extreme testing either 1799.50-1809.25 bias signal would likely reverse back in the opposite direction.

Still sitting at 1804.00 unchanged is likelier to test 1799.50 first. But that’s not a signal.

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