No-bias, for lack of trying.

[pay]The recovery above ESm 1383’00 only produced a lengthy narrow range around Friday’s 1385’50 lows. The noon hour was entered and exited above Friday’s lows, which would suggest sellers had lost traction if they hadn’t already lost it above 1383’00. More important is whether buyers are gaining traction in their place, as a 3-point surge going into the noon hour’s end would have us believe.

The surge originated from a narrow extended range that was already likely to produce a false break in one direction that would be reversed more substantially in the opposite direction. The afternoon’s 1388’50 bias-up signal wasn’t recovered through 1:20, and so long as it isn’t recovered through 1:30 the break is false and likely to reverse down.

The reversal down wouldn’t be signaled until breaking under 1385’50–1386’50, confirmed under 1383’00 to reinstate the 1377’25 target. Otherwise, the most bullish scenario through 2:30 could be ranging between 1385’00-1390’00.[/pay]