July’s moderately pitched rally left a very bearish target at 129^03 intact, and odds of a finishing stroke achieving it will increase if the futures dip again beneath the 132^31 midpoint support. From a trading standpoint the September contract is a flip-of-the-coin play at the moment, although the short-term opportunity would shift to bullish if the futures were to surpass the microscopic, look-to-the-left peak at 134^25 and pull back in b-c fashion. _______ UPDATE (July 31 at 12:30 a.m. EDT): Sellers have been pounding on a crucial midpoint support at 133^16 for more than a week (see inset, a fresh chart), but if it fails decisively, as appears likely, look for the futures to continue down to at least 130^04.
