Shhh… Double secret bias-down.

Two bias-down targets exceeded through the open.

[pay]Failing to hold the 1831.25 bias-down target through 10:15 would have renewed the bias-down signal, and put into play the next lower target at 1827.00. The pre-open drop had already touched 1827.00, and bounced off of it.

Failing to hold 1827.00 through 10:15 would put into play 1821.50. The post-open drop resumed the decline, and met 1821.50 just before 10:15. Then at 10:15. And now it’s being attacked into the bottom of the hour. RSIs have been diverging positively.

Back above 1824.00 would trigger at least a corrective bounce targeting 1827.00. Fluctuation around 1821.50 could visit 1818.00. Despite RSIs diverging positively, the pattern is likelier to probe lower than it is to bounce — even a corrective bounce.

This afternoon might be different. Recovering 1821.50 through the close is the minimum requirement to keep alive near-term recovery potential. But at this stage, the trend remains down.

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