Yet another day of constipated price action, this one characterized by meaningless spasms with an intraday range of about 16 points. It has been entirely predictable, even as the futures have worked their way lower, that the average session would consist of selling that petered out quickly, offset by a weak rally that went nowhere. Come Wednesday, I’ll stick with the 2054.25 target proffered here yesterday. A lesser trend evident at day’s end was bullishly impulsive and headed in the opposite direction, but I’m more enticed by the prospect of shorting p=2075.75 than in trading the upside. A three-tick stop-loss would be appropriate.
