The failure of yesterday’s high, by two ticks, to exceed a prior peak noted in my commentary telegraphed the weakness that was to follow.Looking at a somewhat bigger picture, 1832.90 is still the number to beat for the near term, since that’s what it would take to turn the daily chart impulsively bullish. If the futures instead continue lower, the first place we might look to do some bottom-fishing — preferably using the ‘camouflage’ of the lesser charts — would be at or near 1765.30, the midpoint support of the pattern shown. It looks promising because it is located, so to speak, in the middle of outer space.
