No-bias isn’t refuting the morning’s drop.

Delaying fresh lows doesn’t equate to absorbing them.

[pay]This morning’s 1295.00 bias-down signal was being tested as resistance when the bias environment started lapsing at 11:30. It was still being tested at noon. Its recovery was uncertain. But it certainly was not recovered decisively.

Not having been nullified, this morning’s 1289.00  bias-down target is now unfinished business below. Also, this morning’s two higher lows did not touch a prior low, reflecting optimism, which is not the stuff of a durable bottom.

Eventual bearish resolution aside, this afternoon’s 1:20 timing window is signaling no-bias. Declining to new lows during this afternoon’s no-bias environment would  not gain traction – and could neutralize selling pressure if it were to retest this morning’s 1289.00 bias-down target.

Alternatively, the path lower may include a detour up to the 1296.75 bias-up signal, triggered above 1295.00. But back under 1291.50 would target new session lows.

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