Trading has begun Sunday evening with a likely head fake (aka bull trap), since the initial, distributive rally could not get past the look-to-the-leftish peak at 1611.40 (see inset). Buyers could turn things around by exceeding that peak before dawn, but we should set the bar a little higher, above the peak at 1620.80, just to be sure. Bears would regain the offensive on a downdraft that exceeds lows #1 and #2 without an intervening b-c rally.
