Friday’s purposeless spasms in the early going did nothing to diminish the weight of the pattern shown, implying more slippage over the near term to at least 1189.90. The breach on Friday of a low analogous to the one at 1212.80 we’d been using for the December contract gave the futures some lift by running stops below that number, and although that could delay their descent, it seems assured nonetheless. The foregoing notwithstanding, I’d turn bullish as all get-out if buyers were to pop this vehicle above the 1268.00 external peak shown. This benchmark should sound familiar, since we used it last week.
