With the bear market extending well into its third year, I will continue to place the burden of proof heavily on bulls, as I did in yesterday’s tout. This means they must push this vehicle above the 1251.70 ‘external’ peak before we infer that they’re in command, and the sooner the better. In the meantime, the futures can be bought speculatively at the 1216.60 correction target shown, with a stop-loss as tight as three ticks. The 1224.40 midpoint support is a riskier spot to try bottom-fishing, since it coincides with yesterday’s low — an implied structural support that will surely attract a following. Under the circumstances, camouflage will be the way to go, although it may require zooming all the way down to the 1-minute chart or less to find an uptrending abc pattern suitable for the job.
