Late bias-up unable to absorb another Russia-Ukraine item.
A 6-1/2 point surge retraced entirely to 1918.50. It recovered through the open and touched 1925.75.
But gapping up was not going to be enough. RSIs had failed to improve throughout the surge. Yesterday’s 1922.50-1923.50 highs failed to hold as support. And the 1920.00 bias-up signal invoked the grace period.
Late bias-up did trigger, but was never productive above its 1923.25 prior high. A sell signal triggered under 1921.00, and yesterday’s1912.75 low was touched minutes later.
That’s an obligatory bounce, originating from a touch of yesterday’s low. RSIs became oversold at 1912.75, so the reaction up should fail. And this morning’s 1910.25 bias-down target is a likelier attraction so long as we’re in the neighborhood.
Being a reaction to another Russia-Ukraine headline, the drop should be recovered entirely. Not immediately, but perhaps faster thanTuesday’s since the memory is still fresh. Exiting the bias environment at 11:30 under yesterday afternoon’s 1912.75 low would make the recovery more difficult to begin.