Sunday night’s Putin-inspired short-squeeze has recouped nearly all of last week’s losses in a mere hour, although the hoopla has stopped just shy of the recent high at 1345.60. The all-but-inevitable thrust past it will be encouraging, but keep in mind that it is the ‘external’ peak at 1361.10 previously noted here that must be surpassed before bulls can muster their newfound self-assurance for the next big push. Assuming the good guys retain control overnight, look for the rally to achieve a minimum 1357.80. By implication, any pullback to the 1338.60 midpoint pivot should be regarded as a buying opportunity for traders who are trained in the art of ‘camouflage’.
