Yesterday’s dirge added virtually nothing of interest to the technical picture, so I’ll let the tout stand for another day. It was given as follows: Use our old friend — a look-to-the-left peak at 1704.90 — to signal when bulls are ready to get serious. On the intraday charts, that would create the most promising impulse leg since September 27, when the futures made a first down but fumbled the ball away on the next play. The sideways move since then has been tedious beyond belief, and that’s why we should simply set a screen alert at 1704.90 and snooze till then. Or trade something else. Alternatively, if our bored complacency should be shattered by a feint lower — and that’s all it would likely be as far as I’m concerned — it would take a two-day close beneath 1585.50, a midpoint support, to signal possible trouble. (Note: Monday’s marginal new high altered the 1585.50 ‘p’ by two ticks — not enough to warrant redrawing the chart.)
