New life for bulls seems remote at the moment, since the July contract would have to climb all the way to 31.470 to challenge an ‘external’ peak on the daily chart. More immediately, the futures remain in a duel that suggests no quick end to the tedium that has characterized price action since mid-May. The somewhat gnarly pattern shown implies that the next thrust could reach 30.605, but the futures will first have to overcome the midpoint resistance at 29.260. If this Hidden Pivot is surpassed, camouflageurs should seize the advantage by buy-stopping themselves into a long position at the first available ‘X’ of minor degree on charts of 5-minute degree or lower.
