All of yesterday’s gasping, wheezing and hacking couldn’t push the futures above Monday’s high (see inset), adding to the suspicion that these rallies are just setting the hook for bulls.  Just one more measly tick to the upside would have turned Thursday’s price action into a bullish impulse leg on the hourly chart. Alas, the intraday peak merely tied Monday’s. This means, moreover, that any upthrust that gets past it now must be viewed skeptically; for, as we know, the kind of buying that can keep going doesn’t need pullbacks and running start to clear what in this case was not even a primary peak (i.e., 1530.00), but a secondary one.

Even so, I wouldn’t hazard a prediction concerning what DaSleazeballs might attempt on a Friday. And because there’s still an outstanding rally target that I’ve been drum-rolling for a month,  it would be premature for me to write an epitaph. The target is accessible in the archive, but if you’re not a paid subscriber click here for a free seven-day trial. It will allow you to go anywhere on the site, including the 24/7 chat room, and to receive intraday e-mail bulletins that contain real-time trading ideas.