If the snoozefest of the last three days ever ends, the futures could be bound most immediately for the 1341.00 Hidden Pivot rally target shown. That’s assuming the next thrust is not lower, of course, but odds would appear to favor bulls at the moment, since the impulsive rally begun a little more than a week ago has not been countermanded by a downthrust exceeding any significant prior lows. In the meantime, the futures are on a buy signal that should be used cautiously — which is to say, in conjunction with a very small, uptrending ABC pattern that has commensurately very small entry risk. As always, a decisive push past the midpoint resistance (red line) would make more upside to the target an odds-on bet. _______ UPDATE: Zzzzzzzzz. No change. _______ UPDATE (August 15, 9:51 a.m. EDT): “Bowels move!” as the old joke goes. This morning’s stupid, presumably gratuitous dive has had little impact on the still-bullish hourly chart, let alone the daily. Even so, I need to float this worst-case low, short-term: 1278.00.
