The futures have made some bullish headway Sunday night, but the effort has noticeably fallen shy — by just two ticks — of an important ‘external’ peak at 1797.70 shown in the chart. This is a sign of timidity, if not weakness, but we should continue to insist that rallies are properly impulsive before we get carried away by premature bullishness. What that implies for the bigger picture is that the December contract will need to take out the 1832.90 peak from September 19 to turn the daily chart decisively bullish. In any event, let’s keep a close watch on how it handles the aforementioned peak at 1797.70., along with its more daunting siblings at, respectively, 1889.10 (September 9) and 1923.70 (September 6) , the all-time high.
