To filter out mere noise, which has become more than a little tiresome, I’d suggest setting screen alerts above and below the current market at, respectively, 1397.80 and 1368.20. A print at the higher number would be bullishly impulsive on intraday charts (although not quite on the hourly, as you can see). The lower number is a midpoint support (see inset), and we should be concerned if it’s exceeded to the downside by more than 2.50 intraday, or if the futures close beneath it for two consecutive days. That would put a 1342.00 target in play — presumably a downpayment on an even more bearish one at 1219.20 that we’ve held in mind for quite a while.
