Yesterday’s attempt to bully the futures lower conspicuously failed to generate an impulse leg, hinting that the next move will be an uptrending assault on the trendline flagged here yesterday. Toward day’s end, its lower threshold will come in around 1673.40, but a breakout would imply more upside to at least 1684.00, the ‘D’ target of the pattern shown. The first opportunity camouflageurs might have to climb aboard would be on a b-c pullback from just above peak #1 or #2. The #1 peak is equal to the 1659.60 midpoint resistance of the pattern, so any progress above it would be doubly bullish. If anyone reports being filled on this order in the chat room, I’ll establish a tracking position of four contracts for your further guidance. In any case, it looks like a high-odds trade to me. _______ UPDATE (11:14 a.m. EDT): Although the pattern noted above is still valid in theory, the futures have laid an egg this morning with a so-far pointless feint lower. It will look like a scaled-down clone of yesterday if they finish on an equally pointless upswing.
