Yesterday afternoon’s 1993.25 bias-up target in the E-mini S&P 500 (CME:SPU14) became “unfinished business above” that requires being tested at some point. It requires a test for being this morning’s bias-up signal, too, since this morning’s 1984.75 bias-down signal held its test to trigger no-bias.
In fact, 1991.25 has been tested and retested. It has also reacted down substantially. Twice. First to 1987.00 and now to 1986.00.
The bias signal has yet to be any more productive after 10:15 than it was before triggering. It can be invalidated by exiting the bias environment at 11:30 under the 1984.75 bias-down signal.
Not rejecting the bias signal would keep alive the attraction to fresh highs. Having gapped down, probing fresh highs before reversing down again (as seems to be the pattern) could form a bearish Pivot Reversal. Just invalidating this morning’s bias signal could be pretty bearish already.