The near-term picture remains bearish despite yesterday’s short-squeeze hysteria in the final hour. This is explained by the pattern shown. It has left us with precious little in the way of opportunity, so we’ll plan on watching from the sidelines today as another week draws to a close. _______ UPDATE (11:14 a.m. EDT): The futures wafted steadily higher during the night, effectively adding a C-D follow-through to the short-squeeze rally begun on the “news” from Europe. The so-far high at 1350.50 has fallen within a single tick of the 1350.75 target of this in-your-face pattern on the 3-minute chart: A=1320.00 (10:50 p.m. on 6/28); B=1338.75 (at 11:05); and C=1332 at 11:10.
