The futures appeared to be spasming their way down to 907.75, a Hidden Pivot target, when time ran out on Friday. They have bounced so far from within two ticks of that number’s midpoint sibling, 913.75, but any lower and we should infer that the target itself will be reached. You can bottom-fish with a stop-loss at 907.75, assuming the point ’C’ of the pattern (see inset) , 919.75, is not exceeded to the upside. _______ UPDATE (1:17 a.m.): The futures were slithering higher Sunday night, threatening to surpass point ‘C’ of the minor downtrend. However, my gut feeling is that the rally is a fraud — one with barely enough moxie to scare shorts on Monday’s opening. That’s because Friday’s head-fake failed to create an impulse leg even on the lowly 15-minute chart. ______ FURTHER UPDATE (10:46 a.m.): Falling overnight, the futures took a 3.00-point bounce from 907.25, allowing profit-taking or profit-protection with a trailing stop. In either case, a small gain would have been easily achieved upon exit. A little more than an hour into Monday’s session, the futures looked bound for a minimum 879.75.
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