Early Tuesday morning, the futures were receding from a high-water mark just above the previous day’s peak. This has generated a fresh, bullish impulse leg on the intraday charts, along with the prospect of a C-D follow-through to as high as 1344.25. The target is predicated on a so-far ‘C’ low at 1338.25 holding, and the implied camouflage opportunity looks sufficiently compelling to at least reach the 1341.25 midpoint pivot. The trade would be good for chasing boredom but perhaps little more, since there doesn’t appear to be sufficient “news” to drive a short-squeeze in the wee hours. _____ UPDATE (3:55 p.m EST): I’m more and more liking….loving a 1353.00 target that has come into focus as the futures have ratcheted higher on the hourly chart. Here are the coordinates: A=1272.75 on January 13; B= 1329.75 on January 26; and C= 1296.00 on January 30. We’ll want to short the bejeezus out of the target when it’s reached, albeit as cautiously as our “camouflage” bag of tricks will allow. If you know nothing of camouflage but would like to try shorting there anyway, do so with a stop-loss no narrower than 1354.25.
