The futures jitterbugged their way to nearly 40 points of up-and-down range yesterday, but there were few trading opportunities on the intraday charts that I would describe in retrospect as having been ‘straightforward’. Under the circumstances, night owls may have better luck bottom-fishing near the 1858.50 target shown. The corrective pattern associated with that number, a Hidden Pivot support, is a bit of a mess, and so it might not attract much attention. If you’d rather trade with the trend, stick with the 15-minute chart for set-ups and wait for a second entry signal before you get on board. I mention this because of the abundance of false signals that occurred during the regular session. _______ UPDATE (10:48 a.m. EST): The 5-point overshoot of the target this morning suggests there will not be much enthusiasm behind any rally today, but neither is their any guts behind the selling. As always, however, you should view leaden price action — view any price action, actually — as prelude to the next, engineered upthrust.
