As noted in yesterday’s update, the relapse to 1059.00 late in the session came close enough to a 1057.90 Hidden Pivot target that we should be prepared for a bullish reversal. If not, and the futures slip lower, a secondary target at 1052.80 can be bottom-fished with a stop-loss at 1051.90. Alternatively, bulls could breathe a sigh of relief if an upthrust gets from 1077.40 to 1084.70 without a distinctive pause on the lesser charts. That would create a bullish impulse leg on the 3-minute bars, for one. ______ UPDATE (1:01 p.m. EST): Midway into the session, the futures appeared bound for a tradable low at 1037.20. ( They’ve been as low as 1044.50 so far.) For the record, bottom-fishing as suggested would have produced a theoretical loss of about $100. The bounce we were expecting came from 1049.60, just below the pivot, and although it was a robust $15, the breach of our targeted support telegraphed the weakness that was yet to come. Now, to reverse the bearish tide on the lesser charts, the futures would need to rally above 1077.30.
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