Ranging between bias-downs, or breaking them.

[pay]MACD & RSI had diverged negatively when the 759’00 bounce limit was first tested overnight. A 10-point drop from there recovered fully before breaking to lower lows, probing yesterday’s low down to 749’50. A 61.8% retracement back towards the overnight highs was followed by an opening drop to lower lows at 746’00.

This fulfilled the 747’25 bias-down target, and now the 755’00 bias-down signal is being tested as resistance. Having met the target intraday, the bias-down signal now becomes a buy signal if recovered through 10:15. Meanwhile it is resistance.

Another test of the 755’00 bias-down signal buy signal his close to 10:15 would be increasingly likely to be as a breakout. Back under 751’00 would signal the bounce had ended and the bias-down signal had held, at least targeting a retest of the low, if not a morning-long decline.

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