Last week’s high fell two ticks shy of the 1978.75 target shown, suggesting that could be it for a while for bulls. We’ve been looking to short a somewhat higher, more important target at 2007.25, but traders should remain open to any immediate shorting opportunities that develop from near current levels today or tomorrow. As enticing as the short at 1978.75 seemed at the time, it was not a percentage play, since it would have entailed holding the short position over a three-day holiday weekend after the futures had shown nothing but strength since mid-June. If you’d like further, real-time guidance, nudge me when I’m in the chat room intraday.
