It’s catch-as-catch-can from one day to the next, since this headless chicken appears to be animated by trading machines tuned to news headlines, web-based chatter and billboard-obvious support-and-resistance levels. Notice that the futures have made no progress since slightly exceeding the 1465.75 target of the pattern shown more than a month ago (inset). This is neither bullish nor bearish technically speaking, just boring beyond belief for anyone who expects the market to do “something” merely because we’re living in such accursedly interesting times. ______ UPDATE (3:15 p.m.): In the chat room about three hours ago, I offered a 1450.50 rally target that was ultimately exceeded by a single tick (i.e., 0.25 points). After hanging up near the highs for much of the morning, the futures have since fallen to a so-far low of 1446.00. I’ve suggsted covering half here and carrying the remainder overnight only for those who have access to a trade desk during the late session.
