Amazing how far the futures can rally without doing anything impressive. Yesterday’s technically feeble headline-grabber topped out three ticks from the target shown, apparently intimidated by the not-especially-daunting peak at 1189.00 noted in the chart. DaBoyz may be able to squeeze the futures above it today, but the fact that it will have taken a second try and a running start is not exactly the stuff of which powerful recoveries are made. _______ UPDATE (9:50 a.m. EDT): Minutes after the opening, the futures have topped within a point of an 1187.25 HIdden Pivot midpoint that is associated with a ‘D’ target at 1227.75. (5m, A=1103.00 on 8/11 at 8:35 a.m. EDT). Since this peak has refreshed the bullish impulse by exceeding yesterday’s high, my bias is bullish at the moment.
