While we speculate about whether the mood of the market has changed significantly, you can see that not much has happened on the 180-minute chart. The futures were noodling near the 1037.75 pivot that I flagged here yesterday as a minimum downside target, but if they go any lower there are no Hidden Pivot supports that can be used with the same degree of confidence. If you’re monitoring the futures for a bullish turn, I’d suggest looking for bullish impulse legs on the 15-minute chart. ______ UPDATE (12:08 a.m. EDT): A closer look at the hourly chart during Wednesday night’s Hidden Pivot webinar revealed two serviceable targets: 1048.50, an HP midpoint that has already been exceeded by a mile; and 1027.75, its ‘D’ sibling. (A=1098.50, B=1057, etc.) _______ FURTHER UPDATE (12:55 P.M. EDT): The 1037.75 target held almost precisely, since the futures never went lower than 1037.25 overnight. I wouldn’t trust this rally any farther than I could heave a Bosendorfer, but for the record, the so far high today of 1059.75 is still two ticks shy of surpassing a first external peak. The lesser charts suggest a stall, at least, at exactly 1063.50.
Ads are by Google and do not represent the views of Rick's Picks or its affiliates.
Comments on this entry are closed.