No-bias

[pay]The noon hour’s rally was a mirror image of the pre-open gains, and also peaked at ESm 1348’00. That’s two attempts to define earlier selling as “ineffectual pessimism.” Pretty bullish stuff, if not for each attempt also being rejected by sizable drops. Sellers don’t get to claim being in control without first closing under a relevant level. That’s what yesterday’s cash session avoided by closing at 1341’75. Until then, the pullback scenario has yet to be disproved. Of course, if it were disproved, then the bounce from last week’s low will have ended, and a new downleg would be underway.

There is now a no-bias signal in effect through the bottom of the hour, and trending attempted before then is likely to be retraced entirely. That includes the current drop under 1334’00, and back above 1339’00-1340’00 would get a benefit of the doubt for being able to extend higher into the close.[/pay]