Not very biased, not very up.

[pay]The 922’50 bias-up signal held its test as resistance through all relevant timing windows, triggering a no-bias environment. This makes the 916’00 bias-down signal likely to be tested, as well. Normally, positioning for this outcome would be obvious.

This morning’s pattern adds a wrinkle to that plan. Having waited so long overnight  before firming into the cash session’s open, the pre-open strength might still try extending the bounce higher, first. So, I would be careful shorting above the 922’50 bias-up signal, and might even consider long-entry above 924’00.

Otherwise, the balance of the morning remains likelier to gravitate down to and/or through 918’00, to 916’00, and then be positioned for aggressive selling this afternoon. A probe into the 924’00-925’00 area that reverses back under 922’50 would be a compelling short-entry. Any higher high could even find its way up to the 931’00 area. But the ultimate resolution of any scenario would be expected to break aggressively under yesterday’s lows.

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