The rally begun in late June looked promising at first, since it visibly interrupted the long dirge from February’s 37.450 high. However, last week’s selloff suggests that bulls are too tired at the moment to do much more than hold their own. Although the duel in evidence (see inset) may keep the futures from flirting with the recent low at 26.150, bulls will need to push this vehicle above June 20’s 26.650 peak this week to suggest they are capable of a sustained move.
