No-bias, just anxiousness.

[pay]The noon hour’s range was relatively narrow. The next 20 minutes were narrower. Since neither bias-up signal was exceeded, the no-bias environment is extended into the afternoon. Neither bias signal was even touched (the 902’00 bias-up signal was touched before noon), so the other bias signal is not in-play.

That makes the fourth consecutive no-bias environment, and probably the third to continue ranging sideways. This paralysis could extend until INTC earnings after the close, and then resume after that reaction while awaiting tomorrow morning’s announcements from IBM, JPM and GOOG.

This morning’s 889’25 bias-down signal still requires a test, along with retracing yesterday morning’s no-bias rally. Trending attempted before the afternoon’s no-bias environment begins lapsing at 2:30 would not be credible. Any higher highs are still considered excessive optimism requiring a retracement.

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