‘Dueling impulse legs’ left bulls and bears pretty evenly matched when yesterday’s regular session ended, so we shouldn’t be surprised if today’s ups and downs end the week with the futures little changed from Thursday. In any case, night owls seeking traction should focus most immediately on the bullish pattern shown, since it proceeds from an eminently legitimate impulse leg on the hourly chart. The rally is too obvious to perfectly suit our needs, but if the futures make their way higher overnight, odds favor a launch from a second or even third point ‘C’ low. ______ UPDATE (1431.25) Unmitigated weakness took the futures down this morning without even bothering to trick bulls with a ‘bad’ C’ or two. The downdraft projects to 1411.50 if the 1428.00 midpoint — missed by 1.00 point so far — is decisively breached.
