With summer officially over, stocks have come crawling out of the gate Sunday night, trying their darndest not to invite scrutiny or reflection in these extremely interesting times. DaBoyz need only goose this vehicle 7 points to generate a bullish impulse leg on the hourly chart, but I have my doubts they’ll be able to muster even that much of a push, absent any news that could be construed as faintly bullish for stocks. Traders looking to get either long or short using ‘camouflage’ can fixate on the hourly chart until such time as 1654.75 is exceeded to the upside, or 1642.00 to the downside, since either event would generate a potentially tradable impulse leg on the hourly chart (see inset). Thereafter, you should look for your entry trigger on the 3-minute chart of less. _______ UPDATE (6:23 p.m. EDT): Yesterday’s price action was such unmitigated slop that I’m not going to try to entice your further interest with a fresh tout, at least not today. However, I’ve refreshed the chart nonetheless, since it offers a pretty good picture of what garbage looks like when it takes the form of price bars on a trader’s graph. Notice that bears were unable to put this oft-nettlesome vehicle away — a modest feat, since the D correction target lay not far below — after bludgeoning the midpoint support for fully two hours. Price action since has been faintly bullish, but not sufficiently so to warrant our waiting patiently Wednesday for a buying opportunity on the lesser charts. _______ UPDATE (September 4, 9:52 a.m. EDT): Bears were too enfeebled today to reach even the midpoint support of (60-minute) A= 1650.00 (9/3 at 10:00 a.m.), B= 1630.75 at 3:00 p.m.). The result is the current rally — destined to go nowhere, presumably, but nevertheless demanding a bullish trading bias at the moment.
