The futures took a running start at last week’s highs on Friday but couldn’t break through. We should expect it this week, though, pending some news item or economic statistic sufficient to touch off a short-squeeze. A 1385.25 rally target will remain in effect in the meantime, although the three-tick overshoot of its 1367.75 midpoint sibling was not enough for us to infer that it’s a done deal. Shortly before 10 p.m. EST, there were no promising handholds for night owls looking for a trade, even on the two-minute chart. However, adroit camouflageurs might want to try their chops at 1359.00, the retracement target of the pattern shown. ______ UPDATE (9:41 a.m. EST): The futures have fallen moderately to a so-far low of 1353.25 so far this morning. The weakness might be said to have been foretold by our inability to find a way to get long via ‘camouflage’. A new downside target lies at 1348.25 (60m, A=1365.00, B=1355.25, C=1358.00 and p=1353.00, the exact low so far. You can bottom-fish at 1348.25 with a 3-tick stop-loss. _______ FURTHER UPDATE (10:24 A.M. EST): Cancel the trade, since the bounce from the exact midpoint of the pattern has exceeded its point ‘C’. FYI, even on the one-minute chart, following the turn from 1353.00, I could find no way in via camouflage.
