Suspicious of the bias-down.

Triggered signal having difficulty extending down.

[pay]This afternoon’s 1273.25 bias-down signal was triggered through 1:20, which puts into play a test of the 1267.25 bias-down target.

Before 1:20, relevant support at 1271.00 was also tested. But it was not broken through 1:20. And it was not broken through 1:30, despite being tested again just minutes before.

That is not in itself predictive, but it undermines the bias-down signal’s prediction.

2:00’s FOMC Minutes is being greeted from 1273.25. Exiting the bias environment at 2:30 above or below 1273.25 would be capable of trending in that direction, perhaps even likely.

Meanwhile, the bias-down is at risk, or needing a big drop to help validate it.

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