The futures tripped a ‘counterintuitive’ buy signal with Tuesday’s thrust past the green line. I’d suggest passing it up and waiting for a lazy return to the line on Wednesday to do your buying ‘mechanically’. The red and pink lines can be similarly used provided you know what you’re doing. (If not, stay tuned to the chat room for real-time ideas, since trading interest in this vehicle is usually pretty strong.) Minimum objective for the near-term: 46.59, the midpoint Hidden Pivot of the pattern.______ UPDATE (Sep 21, 5:27 p.m. ET): So much for buying a ‘lazy return’ to the green line. Today’s hysterical leap brought the November contract to within $1 of the 46.59 target, which remains valid._______ UPDATE (Sep 22, 7:47 p.m.): Today’s surge peaked just seven cents shy of the 46.59 target, a midpoint Hidden Pivot. If this resistance gives way today, look for more upside over the near term to at least 48.36, with a maximum extension to 50.12. _______ UPDATE (Sep 23, 2:14 p.m.): The futures sold off sharply today after inching a technically insignificant three ticks closer to the 46.59 target. The higher targets also given above will remain valid in theory as long as this selloff doesn’t exceed 43.06.
