The futures caught an alluring bounce from within two ticks of a 1330.90 target I’d flagged here yesterday, but by day’s end the support had given way, sending the April contract down to a likely rendezvous with the 1321.20 target shown. That’s the lowest target I can project for this cycle using the intraday charts, and so I’ll suggest bottom-fishing there on your terms. Keep in mind that I recommended taking a partial profit yesterday when the futures had bounced a ‘mere’ $5 off the targeted low. As the old saying goes, no one ever went broke taking a profit. This is something to keep well in mind, especially with the pain of yesterday’s nasty relapse still vivid. ______ UPDATE (10:49 a.m. EDT): My target caught the low, 1320.80, within three ticks, and a nearly $9 rally has unfolded since. If you got in near the bottom, please let me know in the chat room so that I can establish tracking guidance. For now, though, you should be out of at least half of the original position.
