When is a bias-up not a bias-up…

…Very weak bias-up gets a very small benefit of the doubt.

[pay]OFFICIALLY: It’s a bias-up environment. The 1077.00 bias-up signal was overlapped by a 3-minute bar to either side of the 10:15 print. This invoked the 15-minute grace period.  The 1077.00 bias-up signal was recovered through 10:30 to trigger a late bias-up.

TECHNICALLY: The bias-up signal wasn’t clean. The 3-minute bar touching the bias-up signal came after 10:15. And the 10:30 bar had retraced back down to the bias-up signal.

Despite probing higher highs to 1080.75 since then, and despite having potential to the 1083.00 bias-up target, this is a less reliable signal than we’re accustomed to. At least the 1077.00 bias-up signal held as support through 10:30, when its break could have resumed the decline. But that’s only bullish to the degree it isn’t bearish. It’s not accumulation, but a delay of more distribution.

Back under 1077.00 would still be bearish, especially after 11:30.

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