No-bias rally underway, and that means…

[pay]The recovery to nearly ESm 1396’00 exceeded my expectations because that’s a new high and it originated during a no-bias environment. That dooms its gain to failure – its eventual gain. That might be the original 1397’75 bias-up target, or it might be 1396’25. We’ll know it’s the latter if after its test S&Ps reverse down to enter and/or exit the noon hour under 1394’00. And we’ll know both higher targets are invalid if the noon hour is entered back under this morning’s 1392’50 bias-up signal.[/pay]