The high of yesterday’s thrust narrowly failed by 1.20 to surpass the microscopic look-to-the-left peak at 1664.00 highlighted in the chart, telling us that mild caution is warranted. That’s because healthy rallies tend to “refresh” themselves by creating new impulse legs with each successive upthrust; and this one didn’t. Most immediately, the futures were in a correction that could go as low as 1638.40 (A=1657.30 at 11:30 a.m. on the 15m chart), predicated on a breach of the midpoint support, 1644.80. ______ UPDATE (10:46 a.m. EST): The bad guys are in charge today, intent on driving the futures down to at least 1622.80 (15m, A=1622.90 at 10:15 yesterday) now that they’ve obliterated the support mentioned above.
