When is a no-bias not a no-bias?

[pay]The open’s surge probed overnight highs until testing the 923’50 bias-up target. Then a dive to new session lows tested 910’00 as support, in the process reversing back under the 917’50 bias-up signal. These two factors alone constitute a sell signal.

No-bias was signaled because the bias-up signal held its test through 10:15, putting into play a test of the 911’75 bias-down signal. This qualifies as a sell signal because of rejecting the bias-up target, first. This no-bias sell signal’s target is the 904’25 bias-down target.

The bias-down signal was still being tested by one of the 3-minute bars either way of 10:15, invoking a 15-minute grace period. That’s where the test of 910’00 occurred. The bias-down signal was still being tested at 10:30, but there’s no more grace period, so there isn’t a clear signal. RSI improvements at the low suggest a bounce, targeting either 916’00 or 917’50.

Meanwhile, there’s the no-bias sell signal. Its target is in-play, so any bounce remains likely to resolve down. The current bounce attempt could resolve down at any time this morning, or just range narrowly.

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