The futures are streaking toward the 1645.25 target implied here yesterday, but there will be opportunity in this only for camouflageurs prepared to leverage the ‘external’ peaks labeled in the chart. As always, a quick, subtle B-C pullback from a tick or two above any of them will be the ticket for a long entry. You’ll need to be quick, however, since the breakout is universally expected — and hardly unlikely. _______ UPDATE (9:49 a.m. EDT): This morning’s opening high at 1646.75 somewhat exceeded my target, but without surpassing any of the ‘externals’ noted in the chart (the first of which lay at 1647.50). Under the circumstances, camouflageurs should move to the sidelines until there’s a print slightly exceeding 1647.50, then a B-C pullback.______ UPDATE (9:54 p.m. EDT): Bulls managed to weasel their way to an impulsive peak that was precisely where we’d wanted it to be, but they were too tired to overcome the weight of the bull trap that DaBoyz had sprung on the opening bar. Even so, bears were on the ropes once again at the close, and it therefore won’t take much to short-squeeze this gas-bag past mid June’s highs come Wednesday morning. Night owls shouldn’t have much trouble staking out a low-risk long position, since Tuesday’s choppy action created numerous ‘external’ peaks on the lesser charts that can be used opportunistically for camouflage.
