The futures blew past the 1141.90 pivot with such power yesterday (see inset) that they seem very likely to achieve p2=1164.00 at least, or more likely D=1186.10, before the rally cycle begun in early August takes a breather. I don’t mean to imply buyers will necessarily get stymied at D; indeed, if they push easily past it on first contact, that would be evidence that we are seeing something more than the dead-cat bounce to which we’ve grown accustomed as the bear market has unfolded out over the years. Night owls looking to get aboard should zoom down to the 5-minute chart to look for a suitably obscure A-B impulse leg in the midst of the corrective flag begun around 10:30 .m. EDT. Note that this corrective pattern has already stopped out bulls twice today, with lower lows at, respectively, 1151.20, 1149.60, and…?
