The futures couldn’t hold onto the fleeting, short-squeeze gain they achieved on Friday’s opening bar, but the intraday high still managed to surpass an ‘external’ peak on the hourly chart (see inset), refreshing this vehicle’s bullish energy. Bulls and bears were in ‘dueling’ mode by day’s end, however, and a clearer reckoning of sellers’ strength must therefore await a second leg down. I’ve sketched this hypothetically (see inset) for your further guidance, but either p or D can be bottom-fished with a tight stop-loss if the pattern that evolves is similar to the one shown. _______ UPDATE (9:29 a.m. EDT): The futures refused to dip to p overnight. However, I would be wary of a possible bull-trap opening, since DaScumballs haven’t been able to gain much altitude overnight. Shorts seem unconcerned — perhaps for good reason, given the parlous state of the real world, economically and geopolitically, these days. Delusion of the Week is a statistic suggesting that consumer confidence in Europe is on an upswing.
