When is no bias not no-bias?…

…When it is “noN-bias.” Look out below if a decisive rally hasn’t yet begun this morning.

[pay]The post-open dip recovered to test the 1323.00 bias-up signal before 10:15. But it was still being tested at 10:15, invoking the 15-minute grace period. It was still being tested at 10:30, too.

This is neither a bias-up nor a no-bias environment. It is a noN-bias environment. There is not a bias requirement in-play. It’s too late to trigger either. That doesn’t prevent trending attempts in either direction. But it deprives us of the predictability that a bias signal normally offers.

That isn’t necessarily a reason not to take a signal. It is a caveat. Not all trading styles allow for trading during an hour that lacks that extra indicator. Signals triggered during a noN-bias environment can still reach their target. But pullbacks and bounces along the way can be uncomfortably large, with no assurance of resuming the trend to the signal’s target.

As for the bigger picture, this morning’s open did NOT  maintain a gap up above 1323.00, which undermines the quality of buyers. Yesterday’s last-minute dip under 1321.00 was not rejected decisively. Exiting the bias environment still testing 1323.00 — especially after testing 1326.00 in the interim — would undermine this morning’s recovery attempt. And that would suggest another downleg coming this afternoon.

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