Since bulls managed to hang in there until a Fed-induced seizure passed, we’ll give them the benefit of the doubt on Thursday by focusing on the bullish pattern shown, with a 1374.50 target, rather than on a still-valid correction target at 1328.50. Spasms between the green and red lines have been so freakish that I won’t even hazard a suggestion that you attempt a ‘mechanical’ entry at either. ‘Camouflageurs’ who think they’re up to the task can try to get aboard that way, but I’ll be content to watch from the sidelines. _______ UPDATE (August 19, 1:15 a.m. EDT): Like you, I’m running out of patience after seven straight days of gratuitous spasms. The modest, 1374.50 rally target remains valid nonetheless, as does the bearish one down at 1328.50 if buyers should decide they’ve had enough for now. _______ UPDATE (August 21, 1:05 p.m.): No change despite Friday’s weakness. _______ UPDATE (August 22, 7:32 p.m.): Zzzzzzzzzzzz.
