No-bias means no-bias.

[pay]The no-bias environment has left its share of unfinished business – a test of the 804’00 bias-down signal that is normal for having held a test of the bias-up signal, and a test of the 797’75 bias-down target for also having held a test of the bias-up target. The televised hearings aren’t producing anything more than noise, but the noise has been canceling out sellers.

The no-bias environment is now lapsing with S&Ps back at the range’s 818’00 mid-point. The hearings have recessed, but their noise is being replaced by another kind of noise coming from the relatively less liquid noon hour.

The ultimate resolution is still expected to be down, but now a window has opened for a brief detour to higher highs. Back above 821’75 would target as much as 827’75, while remaining vulnerable today’s equilibrium influence that wants to reverse this morning’s rally more substantially. A higher high would add to the ultimate reversal down, but meanwhile its potential might be played. Otherwise, back under 814’50 would signal momentum already reversing down.

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