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Offer extended through Friday (9/3).
The futures came within a hair of a resistance peak recorded last Thursday before chickening out yesterday (see chart). This was a less-than-subtle foreshadowing of the 15-point selloff that followed. If it were a gold chart, I’d suggest watching the 5-minute bars for the very first sign of a bullish turn. But this is a stock index, and I feel no compulsion to give it the benefit of the doubt, at least not now. Buyers are showing no enthusiasm whatsoever, and shorts seem more difficult than usual to spook. My minimum downside objective for the moment is 1039.75, a Hidden Pivot support that is better used as a bearish objective than as a place to bottom-fish. It can be fished nonetheless, stop 1038.75. ________ UPDATE (8:51 a.m. EST): Apparently unembarrassed by the yellow stripe we’d painted on their back, DaBoyz have squeezed the futures sufficiently, probably, to give shorts palpitations on the opening. I’d like to see a print at 1092.00 today, however, before we lend our begrudging respect to their characteristically unseemly, and presumably doomed, enterprise. That would turn the hourly chart moderately bullish, though no moreso. (Moreso would require at least 1103.75.)
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