Today’s turnaround left the post-Brexit rally, with a 1413.90 target (see inset), intact. The futures are still not out of the woods, however, since the rally has yet to surpass any ‘external’ peaks on the 30-minute chart. That would require a push — and the sooner the better — above peak #1; or for good measure, above #2. Once the latter is exceeded, a further rally to 1361.10, the midpoint Hidden Pivot resistance, would become an odds-on bet. A decisive breach to the upside of that number would affirm the likelihood of a finishing stroke to 1413.90 while also making p and p2 potentially useful for ‘mechanical’ entries on the way up. ______ UPDATE (July 23, 12:35 p.m. EDT): Friday’s price action, although disappointing, did not alter the analysis given above. ________ UPDATE (July 25, 7:03 p.m.): Yet another suffocatingly boring day changed nothing in the short-term picture. The futures oscillated in a tight range, holding just above a key support at 1308.20 that is shown in the chart. If it’s breached, a 1296.70 target would be in play (30-minute, a=1348.00 on 7/13); or, worst case, 1282.90.
