We’re still expecting this rally to reach a minimum 1278.25, but expect 1305.25 if it goes any higher. If you’re planning on trading the move from either side of the market, I’ll recommend that you check out the chart archived with yesterday’s tout for this vehicle. My preference is for a ‘camo’ long from somewhere near 1278.25, but that number can also be shorted with camouflage if you know what you’re doing. That would be a risky play, though, since a print at 1278.25 would refresh the bullish energy of the hourly chart by exceeding a look-to-the-left peak from Halloween. ________ UPDATE (10:38 a.m. EDT): The daisy petals evidently have decreed today that Europe must die, although, as we know, the grim prognosis could change overnight, bringing headlines of some new bailout “plan” to “save” Greece, Italy, et al. However, the fact that the E-mini’s have created a bearish impulse leg on the hourly chart without having achieved a 1278.25 rally target that looked like a lay-up implies the selloff will be more than a one-day wonder. If so, the futures have a further 43 points to fall, to the 1194.50 Hidden Pivot ‘D’ of the daily-chart pattern begun on 10/27 from A=1289.25. Moments ago, the selloff breached a third ‘external’ low at 1236.50, amplifying the bearishness of today’s refreshing slide.
