What a thrill it was to watch this fearsome predator reverse and embark on a wilding spree off a low yesterday that lay just a single tick beneath the critical threshold I’d flagged at 1687.75.  Stops got run up-the-wazoo, giving the upthrust more power than if it had proceeded from the routine, night-session low at 1689.50 (a precise midpoint support, as it happened, derived from Monday’s high).

The futility and deviousness of the rally were laid bare by day’s end when the futures came crashing down in the final two hours of the session. This left a tortuous pattern on the hourly chart, although one could still extract from it a 1681.00 correction target (see inset). This number looked promising for bottom-fishing on Wednesday, but I’d suggest doing so ‘camouflage’-style on charts of five-minute degree or less.  Please note that bulls would need a print today at 1707.75 to get back on the warpath (and therefore back on-track for 1767.00, my current big-picture rally target).