We’ve been using a rally target at 2874.75 that should have been achieved by now, but the pump-and-dump specialists seem to be having trouble getting there. This is distributive price action, although we’ve learned not to read too much into it, since it is likely to pass just as soon as the news environment becomes more supportive of a short-squeeze rally. For the moment, though, there’s a small cloud over TSLA (see my tout update below), and a dearth of feel-good headlines concerning Trump’s tariffs. If and when China blinks, the Dow will soar 1000 points, but nothing right now suggests concessions from them are inevitable. Once again, I will hazard no predictions for the E-Mini futures, but the last-minute selloff suggests its handlers will be attempting to exhaust sellers overnight in order to run the futures up before the opening bell.
