Testing the bias-up.

 [pay]The afternoon’s 849’25 bias-up signal was tested about halfway through the noon hour, and its reaction since then has been less than 2 points down. If the signal holds as resistance through 1:20, then the 840’75 bias-down signal would be in-play. But it is getting late in the noon hour for its rally not to have been rebuffed, if that’s what the market intends before testing Thursday’s highs.

The morning’s last low at 842’25 fully retraced a late-morning bounce, which shouldn’t have been retraced fully unless the market intended to break it. The market probably does intend to break it, but might be planning new session highs first.

Above 850’00 would confirm the bias-up signal was breaking, and may be considered for long-entry before 1:20 (then the bias-up signal would be the pullback limit). If no-bias is triggered, then the bias-down signal would be in-play.

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