Friday’s slide to 1478.30 was telegraphed by the failure of a key support I’d noted at 1496.90. The low I predicted lay at 1479.10, so the forecast missed by just 80 cents. Does the overshoot portend still more weakness over the near term? Not necessarily, since it was so small. However, neither is it a bullish sign, and the futures would need in any event to thrust above 1526.50 within the next couple of days for bulls to regain the upper hand. Otherwise, minimum downside to at least 1446.90 looms for the near-term, with a presumably unsuccessful test of May’s lows in the 1470s in the interim.
