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The futures are close to bumping into something solid — i.e., a series of highs recorded in early June that were once imagined to be the “head” of yet one more worthless head-and-shoulders pattern. Hidden Pivots aside, my hunch is that rallies do not shred shorts with the voraciousnesss of this one, only to fail at some marquee resistance point like last month’s peaks. Whatever happens will be easily scalp-able on the lesser charts, I am sure, but there will not likely be a way to comfortably ride whatever trend, if any, develops from these levels. If the next surge is to create a potent impulse leg on the daily chart, however, the key look-to-the-left peak that must be surpassed lies at 1002.00 (November 4) – just a speck on the chart. If you are hoping to short a trend failure up here, I’d suggest looking for impulsive a-b’s on the three-minute chart. They were in short supply yesterday, which in itself hints of more strength to come.
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