The futures have been fairly predictable lately, even if the best trade of the day based on yesterday’s guidance would have entailed getting short at 4 a.m. EDT. Just as predictable was that a flurry of selling early in the session would dry up, and that the subsequent rally would claw back most of the losses but no more. All of this repetitious tedium left the 2054.50 correction target given here earlier intact, even if the futures have shown no great eagerness to get there. The target can still be bottom-fished with a stop-loss as tight as 1.00 point, although I wouldn’t suggest trying to get short for the ride south by offering contracts a second time at the 2080.50 midpoint pivot. Better to do so ‘mechanically’ by using the 2070.00 midpoint of the small downtrend shown. Alternatively, a push exceeding the peak marked with a red x would be bullish and represent a possible buying opportunity. _______ UPDATE (9:31 a.m. EDT): The shorting opportunity was negated when the futures fell to within 1.25 points of the pattern’s ‘D’ target overnight.
