No much of an update this morning gang. The futures seem trapped between a decending black trendline (targeting around 2630-2640 area, depending on when you hit it?) and a rising black trendline (targeting 2580-2590... again, depending on when you hit it). There was an afterhour print on Friday showing a high of 262.40 and we've hit that area premarket already, so odds favor that being hit in the regular session sometime today. We have an inverted head and shoulders with 4/2 making the head.
But on a bigger scale we have an "MA" pattern with an ugly "A", but possibly it's not yet finished forming. It's bearish an would suggest a drop of about 250 points or more, but the "A" part might take weeks more to form, or fail entirely and void the pattern... so I wouldn't put much weight on it being accurate at this point. That's about all I see for today. It looks like it's just going to play between those zones until it breaks down again or breaks out. My guess is that we'll breakdown and retest that 2530 low in the next few days to clear out all the stops the bulls put just below there and get them to capitulate. They keep buying the dips with no fear and that's why the rallies seem to get reversed back down the next day or two. We need the bulls to give up and turn into the bears and then we can get a rally that last more then one day.