One must drop down to the 30-minute chart or lower before yesterday’s rally begins to look even a little bit interesting. Even then, the move is not bullishly impulsive, since it failed to exceed any true external peaks. That would require a print today above 1449.60, an ‘eternal’ high recorded May 10 on the way down. I’d set a snooze alarm there, since any less would be mere noise. A pullback from a tick or two above it would be tradable, but be alert to the possibility that the ‘x’ trigger could come up very quickly.
