Directional Bias For The Day: Futures are higher Breaking above a narrow horizontal channel – high 2384.75, low 2381.25 – at 7:00 AM; the 100% extension target is 2388.25 Break below 2381.25 by futures and below 2386.76 by cash index will be short term bearish Odds are for a down day to range bound; watch for break above 2390.25 for change of fortunes…