Three steps up, two steps back, the futures are inching toward a 31.905 threshold above which bulls would be back in the game. A decisive breach of the resistance, a midpoint pivot, would put a previously noted target at 34.715 in play, but we shouldn’t assume it’s a done deal until the futures have broken free of the asphyxiatingly tedious sideways move than has been going on for nearly two weeks. At the moment, around 12: 22 a.m. EDT, there are camouflage possibilities to exploit on the three-minute chart (see inset), but the one currently in play will require a deft touch and close attention to the price points I’ve labeled. Optimal entry is past, but the futures were having trouble getting altitude, so no great loss. The chart is intended to show how far down you may have to zoom to catch a ride.
