A presumably easy rally target at 1201.00 noted here yesterday is proving more troublesome than we might have expected, although it remains viable in theory. It would appear that the entire supply zone from 1200 to 1214, and not just the peaks, will take some chewing through before DaBoyz can move this alleged “recovery” cycle to the next plateau. Alternatively, a relapse today touching 1162.50 would suggest the short squeeze had come a cropper.
