Bears were on the offensive Friday, closing on the 1993.50 target shown when the music stopped. Even if the bloodfest continues on Monday, look for a bounce from the target. It could be tradable, so be ready with a bid there and a tight stop-loss if you’re keen to play. As always, if the support is decisively exceeded (i.e., by more than two points) the first time it’s touched, that would indicate more weakness to come. An additional trading opportunity from the short side could materialize if the future rally back to either p2=2001.50 or 2009.50 in a way that meets our criteria for ‘mechanical’ trades. Ask in the chat room if you’re uncertain about this. ________ UPDATE (8:55 a.m. EST): Having evidently exhausted sellers, DaBoyz are short-squeezing this hoax before the bell — so far 16 points off a 1991.25 low. Although the low exceeded my target by 2.25 points, a sign of more weakness to come, it’s not quite enough for us to infer that bears will necessarily romp today. Even so, they’ve got the edge.
