I’ve flagged two rally targets well above these levels, but buyers seem in no hurry to get there. Tuesday’s constipated price action did in fact generate a ‘mechanical’ buy signal, stop 2196.00, on the pullback at day’s end to the green line. However, I’d suggest waiting for a better opportunity — preferably one that doesn’t require babysitting the position overnight as is the case here. If the futures waft higher in the dead of night, exceeding the midpoint pivot at 2206.13 by more than a couple of points, look for more buoyancy and a push to the very modest 2216.00 target shown.
