Yesterday’s constipated price action will not have significantly diminished the odds of the 2026.75 rally target (see inset) being achieved. Moreover, p2=2009.56 would become a ‘mechanical’ buy, stop 2003.75, if it’s exceeded by at least five points for three consecutive bars on the hourly chart (and assuming there’s some white space beneath those bars). If 2026.75 is easily exceeded, that would presage a further rally to as high as 2042.50, a target derived from using the somewhat lower ‘A’ at 1913.50. Alternatively, bears would register a pulse if the futures were to fall below 1995.00 in the early going without having exceeded 2015.00 overnight.
