Tracking this rabid weasel has been an exercise in tedium, since any forecast I could offer you for the short-term is contingent on the futures doing ‘something’ directional. That may not sound like much to ask, but it’s more than this vehicle has delivered in the last couple of days. Regardless, my guidance was not much affected by Monday’s head fake and the gratuitous intraday hump that resulted. Assuming the futures haven’t exceeded 2436.50 to the upside first, you can bottom-fish a tick above the red line with a stop-loss as tight as 2424.25. Alternatively, and as noted here before, an uncorrected rally above the 2447.50 peak shown (see inset) would jolt short-squeeze forces into high gear.______ UPDATE (Jul 6, 11:18 a.m. EDT): The 2415.25 midpoint support was breached in the first hour, implying the downtrend is likely to continue to the 2394.00 ‘D’ target. The stop-loss I’d suggested for purposes of bottom-fishing was a misprint for which I apologize; it should have been given as 2414.25. However, because the stop was above the bid, there should have been nothing done on the trade.
