We don’t want to guffaw too raucously at yesterday’s rally, since it could it could clamp its nasty little fangs around our ankle on Tuesday before we’ve even had time to enjoy a rare moment of skepticism. But notice in the chart nearby how the rally did not lift the futures above a single prior peak on the hourly chart. True, it would have taken a pretty powerful move to do so — but that doesn’t mean we should lower the bar. Let’s set it at 1112.00 today to warn when buyers have turned serious, since a print at that price will have exceeded two “external” peaks and a third “along the wall” for good measure. Nimble practitioners of camouflage needn’t be so finicky, however: You can try getting long on a pullback from above 1093.75, the location of a (very) obscure peak on the three-minute chart (January 28, 9:45 a.m. EST).
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