Short-term prospects look bearish, since bears appear to have won Friday’s ‘duel’. The day began with a promising rally, but by the final bell the futures had relapsed intraday to take out last Thursday’s bottom. The result is the downtrending ABC pattern shown, with a 158^01 target. Night owls please take note of the following, however: If the Sunday evening rally exceeds 159^31, this vehicle will become a bull trade. ______ UPDATE (11:03 p.m. EST): The yellow flag is out, since yesterday’s outwardly impressive rally narrowly failed to surpass Friday’s high, 161^02.
