The rally stalled very precisely today at an 1190.80 ‘hidden’ midpoint resistance associated with a 1210.50 target (see inset). The stall in itself does not tell us whether buyers or sellers will prevail over the next day or two, but it does imply that a decisive (i.e., $2 to $3) thrust past the resistance would become an odds-on bet to reach 1210.50. We might also expect a tradable pullback from that price, or very close to it, implying that longs could either reverse positions and get short there, or perhaps put on an option hedge. (Note: Some subscribers were able to get long intraday, but I haven’t established a tracking position because the futures didn’t pull back far enough to trip the bid I’d suggested.)
