The futures topped Friday a point from the rally target we’d been using for a week. As noted in an update after-the-fact, getting short and staying short would have been difficult, although it would have been theoretically possible to come away with a profit of perhaps $200 per contract. The target was a clear one — clear enough, I should think, to give the rally a day or two’s pause. However, and as I mentioned here on Friday, none of the abc corrections that played out on the very lesser charts reached their ‘d’ targets. Instead, they turned from near their respective midpoint pivots, suggesting there are more buyers waiting in the wings. Accordingly, night owls should trade with a bullish bias Sunday night, although I am hard-press to offer you a target that inspires bold confidence. The 5-minute chart can be used, whether if bottom-fishing or looking for a promising camouflage set-up. As of this moment, I’m looking for a tradable bounce from within a tick of the 1834.25 target shown.
