The swing count from last qtr in the S&P 500 Futures was 1730.
We didn’t quite reach it the first time up.

After just missing the tgt, an 80 point break ensued followed by a 100 point rally to print the tgt yesterday on Futures Exp.

The attached SPU/BOND chart shows that we just retested the breakdown level from the 2007 high. This is not an insignificant #!!

The Spu’s have just spent the better part of 5 years rallying for a retest of the breakdown #.

In layman’s terms, “Long only” guys should be tightening up their risk profiles.

You have the potential for a good correction off this area. We have gone straight up for almost a full year.