Several precise bounces from the midpoint pivot (1120.50) have confirmed the bearish pattern shown. Sellers seem to be struggling to push the futures lower, but the pivot has already been breached by enough to imply that 1107.40 will be reached, or perhaps 1094.30 if any lower. On the hourly chart, the October contract has just missed tripping a ‘mechanical’ short from 1120.50, but should this occur, the stop-loss would be at 1125.00. Alternatively, a rally exceeding 1132.90 would turn the hourly chart mildly bullish and possibly set up a low-risk ‘camo’ buy on a shallow pullback from just above that number.
