The futures have taken a nice bounce Thursday tonight from within a tick of the 1431.00 midpoint of a pattern that would have been fully corrected at 1426.30 (aka point ‘d’). The action is short-term bullish, but buyers will need to push this pup above the look-to-the-left peak at 1436.30 shown in the chart to make the bad guys back away. _______ UPDATE (10:32 a.m. EDT): The futures briefly poked above 1436.30, but not with sufficient gusto to sustain altitude. The result has been an opportunistic shakedown that appears bound for a 1402.50 target which can be bottom-fished using a 1401.90 stop-loss. The midpoint support of the pattern, 1421.75, has been crushed, implying a second wave of selling is likely once the current bounce finishes noodling around near the midpoint.
