If short-covering bears are going to be back at it on Thursday, we should see the futures reverse from no lower than 1966.50 overnight. This suggests a possible bottom-fishing opportunity for night owls, but be aware that a breach of p by more three ticks would put its ‘d’ sibling at 1954.75 in play. If the futures head higher without retracing to 1966.50, a belated entry may be possible by using a pullback from just above 1976.00. That’s an external peak that was recorded Wednesday on the way down, and you can find it on the 5-minute chart at 4:10 p.m. Eastern. An even subtler opportunity, drawn from the same chart, would be signaled by a pullback from just above the 1973.00 peak (this one is so tiny you may need a magnifying glass) recorded at 7:25 p.m. _______ UPDATE (6:49 a.m. EDT): The futures were squirrely all night and now look bound for 1957.00 after having failed to go higher overnight. This looks like real weakness rather than an engineered attempt by DaSleazeballs to exhaust sellers. _______ UPDATE (1:12 p.m.): Short-covering hysteria has returned following a morning low at 1959.25. Looking for minor top at 1986.75.
