Still a bias-up, FWISW.

All upside objective fulfilled, gravity did its thing. Clever buyers? Patient? Or, just done?

[pay]Only moments after having satisfied all upside objective, S&Ps were suddenly hit by a steep drop. It has since extended down from 1103.25 to 1092.25.

The 1094.50 bias-up signal is essentially being tested as support, and should continue holding tests as support, until this morning’s bias-up environment begins lapsing at 11:30.

Extending down then, or going into the noon hour, would be very vulnerable to extending down sharply into the afternoon.

Holding the 1094.50 area would help to absorb sellers for a retest of today’s 1098.25 opening gap. But this is otherwise a very ugly development, and it is very much in-line with the bearish pattern of holding a retest of prior highs.

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