Since the 152^22 midpoint pivot shown was central to Tuesday’s price action, I’ll suggest using the pattern shown for predictive accuracy and trading leverage over the next 18 or so hours. To mention just a couple of possibilities, that could mean bottom-fishing at either p2 (151^04), or at D (149^18), both with a tight stop-loss or ‘camouflage’. Notice that one might also have initiated a ‘mechanical’ short at 155^22 yesterday that would have missed getting stopped out by a single tick. _______ UPDATE (6:58 p.m.) The futures have turned higher after failing to reach the secondary pivot (151^04) given above. This is speculatively bullish, but I’ll need to see a run-up to at least 157^13 by no later than Tuesday to be impressed. _______ UPDATE (June 1, 9:47 p.m.): Uh-oh. The rally from May’s lows conspicuously failed to exceed a key external peak at 157^12. In fact, it tied the high — not exactly a sign that bulls are brimming with energy. Under the circumstances, I would expect the futures to slide back to test lows near 152, or even 151, in the weeks ahead. The outlook would improve if buyers reverse the tide and blow past the May 8 high.
