Yesterday’s 1112.25 high missed my target by less than a point — close enough to consider the 1113.00 target achieved. If and when the future push decisively above it, we should use 1132.25 as a minimum upside objective. More immediately, though, a retracement target at 1103.50 can be used, especially by night owls, to bottom-fish with a stop-loss as tight as three ticks. This target looks like a good one, so if it’s exceeded we might expect sellers to prevail on Tuesday. ______ UPDATE (1 a.m. EST): The futures have traded down to 1101.00, stopping out longs from 1103.50 with minimal damage. This portends more weakness tonight, at least, and perhaps a bit more of it on Tuesday.
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