Price action in recent days leaves something to be desired, since, on the hourly chart, the bearish impulse legs have been somewhat more powerful than the bullish ones. Despite this, the bullish pattern shown in the chart, even with its sausage ‘B’, has too much visual appeal to ignore. The ‘p’ midpoint lies at 1681.60, but it was unclear late Monday night whether the futures were in distribution or consolidation at that level. If the latter, and if it’s apparent before the opening, you should infer that the futures are developing thrust for a move to 1716.50, the ‘D’ target. Note in the chart that there’s a very subtle ‘external’ peak at 1688.90 that could be useful for camouflageurs trying to leverage the upside. ______ UPDATE (3:31 p.m. EDT): It was distribution. The futures went no higher than 1682.70 before DaBoyz pulled out the rug, sending this vehicle plummeting to a so far low at 1640.20.
