Fickle Futures

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It's still pitch-dark here in Palo Alto, but I'm eager about the week ahead. As I went through all my charts (which I actually did twice this weekend, just to smoke out all possibilities), I was amazed to see how many bearish setups have formed, even with the recent selloff. The market looks exceptionally vulnerable.

Although Mondays have acquired a reputation for Always Being Up, that truism is – as Bernanke might say – unusually uncertain today. Futures have bobbed between being up 6 points to down 6 points since /ES trading opened late Sunday. As I sit here, it certainly doesn't look like the bulls will be off to the races at the opening bell.

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I've highlighted the long series of black candles from late in June to illustrate how we seem to have clicked into the same mode again. I'm pretty sure we're going to get close to 1,000 again. The real question is whether we will break it and get to my long-hoped-for 925 level. It's going to take some new news to get us there, and nobody knows what that could be.