Today’s commentary references a 1280.50 retracement target that first appeared in the tout section a while back. It is still viable, not only as a downside price objective but as a place to try bottom-fishing. Officially, we’ll attempt to “camo” our way into the trade, looking for the turn if and when the futures fall to, oh, 1282.20. But if you want to take an easier though somewhat riskier course, try bidding 1280.50 with a 1279.75 stop-loss. _______ UPDATE (12:28 a.m. EDT): The futures have gone the “wrong” way today, but the rally has in no way altered the picture of summer tedium that this morning’s commentary describes. The so-far intraday high at 1316.00 has exceeded one external peak on the 240-minute chart, but it will take a print at 1323.50 today or tomorrow to exceed the second that would be needed to provide even minor relief from fecklessness.
