The gratuitous slop that was yesterday’s price action should put us off trading this vehicle today, although rogue operators could be forgiven for taking a stab near 1371.25, a midpoint support that is “out there” just enough to be moderately enticing for bottom-fishing. Specifically, you should switch to the 5-minute chart if the futures breach yesterday’s 1371.75 low; then, look to board the first uptrending abc pattern that occurs thereafter. _______ UPDATE (11:34 a.m. EDT): The futures bounced weakly from three ticks beneath the midpoint, but without generating any bullish impulse legs on the lesser charts. This effectively telegraphed the weakness that followed and which continues at this moment. Presumably, it points to a potentially tradable low at 1359.75, the ‘D’ sibling of 1371.25.
