Tuesday afternoon”s no-bias environment was

Tuesday afternoon”s no-bias environment was formed by recovering from probing under the 2049.50 bias-down signal in time to trigger “no-bias.” An offsetting test of the 2062 bias-up signal wasn”t required, but it would be required to define the bias environment”s upper-end if tested. In fact, probing 4 points above it was retraced to exit the bias environment back under 2062.

It might seem that the no-bias rally accomplished nothing, since its rejection extended down even deeper back to 2053 support. Actually, overbought 1-minute and 3-minute RSIs accompanied the 2066 high, requiring its eventual retest. Attracting price higher overnight could gap up above Tuesday afternoon”s high to form a “session-long rally” setup.

Meanwhile, the sequence of rally and retracement has become more aggressive. Sunday night”s rally into Monday”s open had spent the day retracing, but Monday night”s rally was retraced into the noon hour. There was time for another failed bounce before the close. Probing fresh lows intraday seems unavoidable without gapping up.

Then there is the 3-day weekend indicator, like WedEX. Still probing fresh lows into Wednesday”s close, or else rallying sharply, would be likely to trend in that direction through Thursday”s Employment Situation report and into the holiday.

Here”s more detail in the post-market Wrap:
https://roddavid10.mitel-nhwc.com/join/xmmfswv

Monitor overnight Globex action in the chaRTroom:
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