Yesterday’s price action looked distributive, lending weight to the stair-step targets given here earlier at, respectively, 1237.40, 1212.80 and 1195.40. Keep in mind as well that a bear-market target at 1125.00 that comes from a much larger pattern is in play too. Alternatively, the futures would provide a faint glimmer of hope with a thrust today or tomorrow exceeding the 1281.70 ‘external’ peak shown. That would turn the 15-minute chart bullish — not much, but all bull markets have to start somewhere.
