Bears shouldn’t get their hopes too high just because the futures closed well off yesterday’s peak levels. Settlement was actually toward the middle of the day’s range, but not before buyers had put in a top that slightly exceeded June 20’s 1619.50 ‘external’ peak. This means they finished the day correcting a bullish impulse leg that seems likely to beget a C-D follow-through. The action shortly after midnight (ET) looked promising for night owls, but you’ll need to drill down to the 2-minute chart to find an ‘external’ peak subtle enough to work for camouflage. It lies at 1612.50 and was created on July 1 at 3:28 p.m. EDT. _______ UPDATE (3:26 a.m. EDT): The set-up described above played out more or less as described (A=1610.50 at 1:54 a.m.; B=1613.00 at 2:14 a.m.), but it fell a tick shy of its 1614.50 target and would have produced a break-even trade at best. The futures subsequently dove 5 points, presumably gratuitously, providing ample reason for night owls to call it a day. DaBoyz will have to content themselves with screwing the pooch for another six hours, when there may be a mote of ‘good’ (i.e., other-than-bad) news to exploit.
