Friday’s end-of-day rally went limp after surpassing only one “external” peak on the hourly chart, implying that bulls were just bluffing. They could soon get a boost from short-covering, however, since, early Monday morning, DaBoyz were somehow managing to hold index futures aloft in a narrow range just shy of Friday’s peak. However, the buyers would have to fake their way all the way up to 1099.00 to negate the bearish target at 1040.25 given here earlier. Shorts should set a cautionary alert at 1078.25 nonetheless, since that’s all it would take to turn the hourly chart bullish.
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