If bulls have been enfeebled by bearish headlines and the sharp upward skew in mortgage rates, we should see evidence of it in an easy breach of the 1567.25 midpoint support shown in the inset. Alternatively, an upward reversal from a low that gets nowhere near it would imply bears are about to get skewered for the umpteenth time. Regardless, traders will find a comfortable handle on either scenario by paying close attention to the demeanor of impulse legs on the five-minute chart.
