Yesterday’s rally left me unpersuaded that bulls mean business, although my skepticism would be allayed slightly if they can muster a push today above the look-to-the-left peak at 1667.40 shown in the chart (inset). Camouflageurs looking to get long should be ready with a buy-stop, since a pullback from just above the peak could set up a slingshot C-D leg into open territory. The bigger picture, referencing the 240m chart, is bearish, with a 1606.40 target that was noted here earlier. Its midpoint sibling lies at 1650.90, and so that’s where the battle between bulls and bears is likely to take place if buyers cede ground over the next day or two. _______ UPDATE (7:40 p.m.): Bulls quit at 1666.00, just shy of the threshold where a rally might have become interesting. The tired price action left my outlook unchanged.
