Although the significance of a 1750.10 correction target has diminished somewhat with the elongated tedium of these last few days, it can still serve as a minimum downside objective for the near term as well as a place to try bottom-fishing with a very tight stop-loss. Camouflageurs should look for leverageable subtleties on the 15-minute chart or less, but keep in mind that a decisive breach of 1750.10 would be warning of more slippage to as low as 1709.20. Once again, an 1840.10 print to the upside would be where I’d sound the all-clear for bulls. _______ UPDATE (11:38 a.m. EDT): The futures are getting crushed, having traded as low as 1723.20 so far today. The 1709.20 target seems assured, although ‘camo’ traders could have profited from getting long briefly near the 1750.10 midpoint referenced above. A bullish pattern that met all our requirements began at exactly 7:19 a.m. EDT from 1750.40. In this instance, B=1757.10 (7:26 a.m.) and C=1755.00, yielding an ‘X’ entry trigger at 1756.70; a ‘p’ midpoint at 1758.40 where profits on half the position could have been booked; and a ‘D’ target at 1761.70 that was missed by the actual top of this retracement at 1760.00.
