A downside target at 1378.50 (see inset) will likely put a floor beneath any gyrations that attend inconclusive news from Capitol Hill. The ‘p’ midpoint associated with that number lies at 1403.50, and so a rally to that number would provide a logical opportunity to get short via camouflage. Notice as well that if the 1378.50 pivot is breached, an alternative target at 1373.75 would be in play. _______ UPDATE (10:35 a.m. EST): The futures have rallied to within two ticks of the 1413.50, but without yet producing an abc downtrend that could be shorted using camouflage. If you initiated the short anyway with a 3-tick stop from 1403.50, continue to use 1404.25 as a stop-loss. This morning’s strength is absolutely inscrutable, at least to me, since there does not appear to be much movement toward a fiscal cliff deal with the clock about to run out.
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