No-bias… bounce?

[pay]The ESm 1388’50 bias-up signal held its test through the 10:15 timing window to signal no-bias, and to require a test of the 1381’50 bias-down signal. The test was completed and recovered through the bottom of the hour. There hasn’t been any technical improvement so the potential for a bounce is based exclusively on the no-bias environment having fulfilled its test of the bias-down signal – probably back up to the 1386’00-1387’00 area with a stop under the bias-down signal.

Maybe there’s another catalyst, in that Crude Oil has bounced back to its 130’00 bounce limit. Its bounce accompanied the S&P decline, so reversing back down from 130’00 – as it now  should – would facilitate an S&P bounce. That said, I expect any near-term correlation to be overcome by a decoupling relatively soon.

Price action otherwise is entirely in-line with the interpretation of yesterday’s pattern as being only a corrective bounce, and that its attempted Pivotal Reversal did fail. RSI on a 3-minute chart did reach oversold so lower lows are expected at some point, and that adds risk to trading a bounce or holding onto it for too long.[/pay]