We’re dealing with many crosscurrents, including a major rally target at 2403.00 that the futures came within six points of achieving three weeks ago. It’s not possible to say with confidence right now whether this feint will prove to have been the elusive Mother of All Tops. However, there is no question that the S&Ps are showing signs of fatigue. Today’s chart shows this in the form of a minor rally pattern whose target coincides with the big-picture target. The E-Minis have struggled to reach it, but until such time as they dip beneath the pattern’s point ‘C’ low at 2351.00, the target will remain viable in theory. The futures would become a ‘mechanical’ buy, stop 2350.75, if they come down to 2364.00, but I’ll instead suggest watching from the sidelines and — if you’re a permabear — cheering the futures on if the stop-loss is hit. If you don’t subscribe,click herefor two weeks' free access to Rick's Picks, including daily, actionable 'touts', round-the-clock updates, impromptu tech analysis sessions online, and a chat room that draws experienced traders from around the world at all hours of the day and night.
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