Bears struggled for yardage on Friday without making any first downs. Although the intraday low at 1747.00 had obliterated a midpoint support, there was no follow-through to the downside target. Indeed, the futures were bounding higher by day’s end, bidding fair to generate a strong bullish impulse leg on the 120-minute chart (see inset). They were just 6.00 points from achieving this early Monday morning, and although we should wait until it happens before turning bullish, bears should dive for cover if and when it does.
