The SPX hasn’t moved more than 0.5% intraday for 14 straight days — the longest such streak since 1971, a subscriber noted in the chat room toward the end of Wednesday’s sleep-inducing session. Short-squeeze rallies, nearly all of them sprung at the opening bell, have failed to get legs, and the declines invariably have been shallow and short-lived. We must assume even so that the E-Mini S&Ps are bound for the 2454.50 target shown. For the record, they are currently on a ‘mechanical’ buy signal at 2386.13, stop 2363.00, but I’ve recommended using a ‘camouflage’ entry trigger instead if you want to cut the implied initial risk of $1150 per contract down to perhaps a tenth of that. _______ UPDATE (May 11, 5:10 p.m.): It’s always brightest before the dusk, and so we shouldn’t despair over sellers’ inability on Thursday to put this hoax down after thrashing bulls in the early going. The futures recouped most of their losses by day’s end after having been down 16 points at the opening. Despite this, there was no particular enthusiasm or energy in the buying. This suggests DaBoyz will have an even more difficult time trying to levitate the broad averages as the week draws to a close.
