With no Fed policy pronouncements on the calendar Friday, I was still unprepared for the stock market’s deadly dullness. The broad averages spent the day ratcheting lower, bottoming near the peak of last Wednesday’s spike rally. They remain within easy distance of record highs nonetheless, and it would be most surprising if DaBoyz didn’t take a shot at those highs in the week ahead. Not necessarily on Monday, though, unless the energy and inspiration typically lacking on Mondays is unexpectedly switched on by some interesting headline Sunday even. (Fat chance in this hellish election year.) The rightmost edge of the chart is slightly bullish, owing to the impulse leg created on the hourly chart at Thursday’s high. Night owls can use the pattern shown to fashion a long-entry signal, which would become more enticing if the eventual point ‘C’ low occurs very close to the prospective ‘A’, in the range 2153.50-2155.00. _______ UPDATE (9:59 a.m. ET): Use 2138.50 as a downside target for now (a=2155.75 at 1:15 a.m. ET). Alternatively, the two-minute chart would swing bullishly impulsive on a print exceeding 2146.50.
