Yesterday’s shakedown quickly changed the mood in the chat room from exultation to…could it have been despondence? It’s too early for that, really, since, as you can see in the chart, the so-far wholly gratuitous feint has not passed even a single “external” low.  Granted, the move was bearishly impulsive on the 30-minute chart, and that warrants our attention.  And so does the fact that yesterday’s highs slightly exceeded an important midpoint resistance without engendering a close above it.  But the April contract would have to fall another $19 (see inseet) to negate the bullish implications of yesterday’s impulsive stab above the previous record high, 1445.70.