Pivot Reversal setup has reached its "make or break" point.

Everything -- with only one or two exceptions -- is on-track for Pivot Reversal.

How are sellers marginalized? Let me count the ways...

Sellers were rewarded for having gained traction yesterday afternoon, by having control of this morning's bias environment.

Their selling probed under the 1990.75 bias-down signal, despite having held it through 10:15. That was "no-bias trending," which required a recovery.

Sellers satisfied selling pressure at the morning's 2084.00 bias-down target, and came within 1 point of the room for noise under it down to 2081.00.

The bias environment exit tagged up at 1990.75, which allowed a durable downleg to launch, but the bearish opportunity was not exploited.

Are buyers gaining traction? That's not yet clear, but it's clearly being attempted...

Exceeding the 2000.00 bias-up signal through 1:30 would have invalidated the 1:20 no-bias signal, but 2000.00 was only being overlapped then.

The recovery has nonetheless extended another 8 points higher, which is 17 points above this morning's recovered bias-down signal.

Here's the two problems with a recovery: I've already mentioned the first, that the no-bias wasn't clearly invalidated. I've been giving buyers a benefit of the doubt, but this afternoon's rally might be no-bias trending, just like this morning's temporary drop. 

The other problem is that buyers have been well-rewarded, coming within 1 tick of the 2008.00 bias-up target. And that's resistance, just like this morning's 1984.00 bias-down target was support.

Forming a Pivot Reversal today -- closing above the open's gap up, after probing a new trend low intraday --  would be bullish. Not also closing above 2020.00 would be suspicious.

Posted to Rod David's Futures Market … on Jan 29, 2015 — 2:01 PM
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