Yesterday’s sleep-inducing dirge changed nothing in the technical picture. A 1232.00 rally target will remain valid as long as the futures don’t dip below 1173.90 first. The target would become an odds-on bet if and when this vehicle pushes decisively past the midpoint resistance at 1203.00. Traders can use the ‘camouflage” technique to get long at any time, but a mechanical opportunity to do so could present itself with a push into the range 1210-1220 followed by a pullback to the 1203.00 pivot. Stay tuned to the chat room if this scenario develops, since I may be able to provide explicit instructions at that time.
