Pre-close View… Bias-on.


This morning's no-bias had triggered after testing the 2339.75 bias-down signal. es_021717_pmAnd not by a little. Despite bouncing up to 2343.25, the open's 2337.25 low was attacked to within 2 points.

But the mid-morning dip to 2337.75 held, as was likely, being a no-bias environment.

Price action since exiting the morning's bias environment has trended higher. Of 7 points since the low, 3 points have printed into the afternoon bias environment began lapsing.

Fresh session highs are now attacking yesterday's ~2346.00 close. Unchanged is natural resistance, but that's no excuse for not closing positive. Similarly, the bullish WedEX influence is no protection against a last-minute reaction down.

There will be no hold-long (or hold-short). "Unfinished business above" remains outstanding at this morning's 2348.25 bias-up signal.

Pre-close View… Shallow rejection, at best.

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET. The afternoon’s 2325.75 bias-up signal triggered late, but extended quickly. The 2329.00 high is short of its 2331.50 bias-up target, but it becomes “unfinished business above.” At least, I’ll give the 2331.50 bias-up target’s eventual test every benefit of the doubt, until disproved. Exiting the bias environment back under […]

Pre-close View… New highs ahead of the close.

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET. This morning’s 2311.75 bias-up target was met to within 1 tick during the bias environment. This afternoon’s bias-up signal has extended to within 1 point of its 2316.75 target. The high should be retested since its RSIs are overbought. But its retest need not be today. And it might […]

Pre-close View… Teasing at the high, or afraid of it.

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET. Hovering at and/or around the bias signal in a noN-bias environment often resolves in the signal’s direction when the bias environment lapses. This afternoon’s 2292.25 bias-up signal did just that, as price was almost glued to it. And now price is firming. But only barely, back up to this […]

Pre-close View… The next leg is being signaled.

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET. Probing new highs intraday, by double digits. Observations don’t get much stronger than that. Today could form a breakout, putting into play 2227.00. That would be subject to a second consecutive higher close tomorrow. And before then, a breakout would be subject to actually maintaining the rally through […]

Pre-close View… New highs.

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET. The breakout from this morning’s range has persisted through the noon hour, and through the afternoon bias environment. In fact, it exited the bias environment above the noon hour’s high. And not it is also probing fresh highs into the final hour. That’s traction, and it suggests tomorrow […]