If you’re a night owl looking for easy pickings, the one-minute chart looks guileless at the moment (11:22 p.m.). The staircase of external peaks along the downtrend shown should provide you with a secure foothold, the moreso if you use the green line at 1642.75 (aka ‘D’) as a place to start looking. However, any chart above the level of the three-minute will probably yield an appealing-looking short. On balance, because the market seems unable to resist the siren call of Helicopter Ben, the best play from here is probably to fade sellers. Keep in mind that we are still targeted on a minimum 1659.50 for this minor rally cycle.
