Price action of late has been suitable for day traders only, and nimble ones at that. Tuesday’s regular session ended with an impulsive rally that projected to 1701.00. Because the entry signal has already been tripped, the presumptive opportunity will likely be solely for night owls. I’d suggest looking for camouflage on charts of 5-minute degree or less, and to expect to ride comfortably no further than the 1695.75 midpoint resistance. Given the stock market’s stagnation during regular hours lately, DaBoyz are unlikely to push for the ‘D’ target unless helped by a combination of ‘good’ news and the utter absence of liquidity. If they succeed, look for a further push toward the major target at 1708.75 first broached here some weeks ago. My gut feeling is that a major top is forming, and that is reason enough to attempt shorting — again, via camouflage — near that price. ______ UPDATE (8:07 p.m. EDT): Minutes after this tout was published the futures dove beneath the point C low. This will have little bearing on the instructions given above. In fact, after stopping out bulls who had been piling on the bandwagon for the last five hours, the second rally attempt may provide us with a better handhold.
