Wednesday’s Yom Kippur-induced snoozefest would have satisfied neither bulls nor bears, even if it left the former with a small edge. At the closing bell, the futures were working on a presumptive follow-through leg to the previous night’s 30-point upthrust. Like nearly all rallies these days, this one peaked before most U.S. traders had gotten out of bed. When they did, there evidently weren’t enough of them in a buying mood to extend the night session’s volume-less waft into the regular session, and so stocks spent the entire day in a state of flatulence. Looking ahead, the 1880.50 downside target flagged here earlier is still my minimum target for the near term. However, the small abc rally pattern at the rightmost edge of the chart will likely have to play out first, and possibly fail to reach its target, before bears can resume their business in earnest.
