It’s tempting to think that the wheezy, schizoid short-squeeze rally that has followed two consecutive down days is a bull trap. Still, we must heed the fact that the day ended with a bullish impulse leg that would have us get long, at least for the near-term, rather than short. That said, the rally thus far has been too feeble to push past the 1968.50 midpoint resistance shown. If and when it does, expect the futures to complete the move to 1972.25, and to top there within two ticks. Night owls can short the target with a 1973.25 stop-loss — and by all means, step up the size if you’ve been long for the ride up.
