No sooner had the futures exceeded the bullish threshold I’d flagged at 1417.10 (1416.50, basis June), setting up a potential buy signal Friday morning, than they retreated into a duel between bears and bulls. No trading signal was tripped, and although bulls still hold a small edge in this fray, it was not exactly a healthy sign that the decline has come without the futures having reached the 1426.00 rally target shown. We’ll await further price action to inform any trades we might consider, but if last Tuesday’s low at 1372.80 fails to hold, prospects on the hourly chart would darken. However, it would take a fall beneath 1354.40 to turn it outright bearish.
