Monday’s tedious price action generated a very marginal new high that was not significant enough to alter the current rally target at 2302.25. The ‘mechanical’ bid I’d advised did not trigger because there wasn’t enough weakness Sunday night to bring the futures down to the 2282.25 midpoint pivot where our bid lay. For now, I’ll recommend a mechanical bid once again, but at the green line (i.e., x=2272.25), stop 2262.25. The entry risk on the trade is a theoretical $500 per contract, but there are two ways you can cut that down to size: 1) look for a ‘camouflage’ entry opportunity on the 3-minute chart if and when 2272.25 is touched; or, 2) use a ‘counterintuitive’ set-up if the retracement continues down to within a few ticks of (prospective) point A=2270.50. This is shown hypothetically in the chart. _______ UPDATE (Feb 7, 7:36 p.m. EST): Zzzzzzzzzzz. No change in the above, including the ‘counterintuitive’ (i.e., ‘CI’) trade advisory. _______ UPDATE (Feb 8, 10:06 p.m.): This snoozefest has become too boring to watch, and so I won’t. The picture remains bullish, although we should be alert to a possible swoon, presumably for no good reason. _______ UPDATE (Feb 9, 7:56 p.m.): The 2310.00 target shown (see inset) is now my minimum upside projection and the number for bulls to beat, although it’s somewhat puzzling that they couldn’t accomplish this modest feat in the throes of Thursday’s short squeeze rally.
