When is a bias-down not a bias-down? Never.

The market can’t be bothered with its bias-down environment, not when it’s too busy refueling sellers.

[pay]The 1023.25 bias-down signal was retested as resistance. It was still being tested through 10:30, which is to say it held its test through 10:30. There’s no grace period on late tests. Back under 1020.25 would put into play a retest of the 1015.50 bias-down signal.

Back above 1024.25 would signal the rally extending anyway, or at least getting that benefit of the doubt. The 1027.25 gap back to yesterday’s close and the decline’s 1030.00 target are potential targets. Regardless of whether the bias-down target has already been met, any higher high would be a bias-down rally doomed to failure.

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