The bias is done. Long live the bias.

Bias-down lapses, but its influence remains intact.

[pay]The bias environment ranged relatively narrowly sideways, essentially between 1632.00-1635.00. This afternoon’s 1631.25 bias-down target was touched momentarily, but its reaction up only resumed the sideways ranging.

The decline has yet to extend, and a target has been met and held. But this is not a good time for a recovery to still be scraping session lows. The vulnerability remains down, and not by a little.

A bounce above 1635.25  might extend to test 1639.00. But even that would be likely to resolve down.

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