Round two.

Did optimistic pessimists deprive the market of a durable bottom?

The rally from this morning”s lows is legendary. The individual moves along the way up, and the interim down moves, were respectable for any given day, let alone for a timing window. Let alone for several of them in the same timing window.

On an historical day for point moves, there is already vulnerability to historical sized point moves. Could this market be about to deliver the head-fake of the century?

This afternoon”s 1943.25 bias-up signal was probed during the noon hour to test and retest 1950.00. But 1943.25 was touched within 3 minutes of the 1:20 bias timing window, invoking the grace period. And it wasn”t recovered through 1:30, invoking a late no-bias.

1943.25 is the bias environment”s upper-end. And at least until coming to within 10-15 minutes of the window lapsing at 2:30, the range”s lower-end should be defined by 1914.00 if tested.

Meanwhile, 1943.25 has continued breaking lower to test 1928.25. So far, that”s still above this morning”s 1925.00-1928.00 highs. Exiting the bias environment any lower would be likely to trend down further — and possibly get carried away.