The futures have begun to roll down from a dangerous place, a ‘secondary’ Hidden Pivot at 2791.19 that lies 37 points from the pattern’s 2828.50 rally target. This would be unthreatening by itself, but in this case we see that buyers struggled to push past p=2753.88, the midpoint pivot, on the way up. Taken together, these two events suggest that bullish energy is ebbing from the intraday charts. If the September contract now falls to the green line as seems likely, it would trip a weak ‘mechanical’ buy signal that I would not recommend taking. Alternatively, buyers could extend Friday afternoon’s recovery and push above last week’s 2796.00 high. The 2828.50 target would be our minimum upside objective at that point, and its breach to the upside would be warning bears to flee.
