I’ll stay closely on top of the lesser charts so that we don’t miss an explosive rebound from yesterday’s plunge, but my gut feeling — still — is that the futures must come down to at least 1633.10-1638.00 to carve out a durable bottom. Regardless, we can get long with impunity and almost at will on any ‘camo’ opportunity that arises. The one shown in the chart accompanying today’s commentary is just such a one, but there are others waiting to be leveraged based on impulsive thrusts exceeding any of the four numbered peaks shown. If there is a fill thereof overnight that meets our rules for ‘camouflage,’ I’ll establish a tracking position for your further guidance. As of around 10:09 p.m. EST, the futures were struggling to complete a minor abcd rally that promised to deliver 1725.90.
