When is a bias-up not a bias-up?

[pay]The cash session open’s drop probed ESu 1364’00 by 2-1/2 points. That could have been bullish, but its reaction bounced only to within 2 ticks of yesterday’s highs before failing. A lower low has come within 1 point of filling the gap back to yesterday’s futures close at 1360’00.

Since 1364’00 was the bias-up signal and it failed to hold after the bias-up target was met, there is now a sell signal in-play. Several factors might undermine this, such as the bias-up target having been met pre-open, and the bias-up signal still being tested at 10:15.

But until the gap back to 1360’00 is actually filled, a bounce into the 1364’00-1365’00 area is likely to reverse down to new session lows.

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