Renewed bias-up target met within 2 ticks.

Horseshoes, hand grenades, and extended targets.

[pay]1315.00‘s test required a retest before resuming the rally. The 1318.50 renewed bias-up target was met within 2 ticks. That wouldn’t suffice for a bias-up target, but the renewed environment is less reliable.

RSIs didn’t improve into 1318.00‘s test. Also, its test created a productive pullback limit at 1316.75 that was later probed more deeply than its original test. Buyers have lost momentum.

And exiting the bias environment back under the last relative low (1315.00) suggests that sellers are gaining traction.

1-minute RSI made a higher low at 1314.00, producing a little bounce. Now 1314.00 is being retested by fresh lows through this morning’s 1312.75 bias-up target. Entering the noon hour any lower would help to confirm the recovery leg was all about refueling sellers.

Back above 1315.25  (which was a productive bounce limit) would rob sellers of their traction. And that might as well marginalize sellers for the day.

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