Although the E-Mini S&P has already breached a key midpoint support slightly, the Dow has yet to confirm. The number we’ll be monitoring is easy to remember — 11111 — and if it is breached decisively or on a closing basis for two consecutive days, look out below, since that would have scary implications for the broad averages. Indeed, the ‘D’ target corresponding to it is 9937, fully 1295 points below these levels. _______ UPDATE (9:41 a.m. EST): A short-squeeze gap that no one will have gotten to trade has yet to achieve bullish impulsiveness even on the lowly 15-minute chart. That would take a print at 11602.30, so let’s see whether algo-driven machines can muster the neccessary enthusiasm. If so, it will signify…nothing.
