Yesterday’s price action was unsatisfying from a technical standpoint. The futures fell relatively quickly to a Hidden Pivot target at 1984.50 that I had identified in the chat room. Although they subsequently exceeded it by two points, there was no follow-through to the next at 1978.25 (which will remain viable, and potentially tradable, for night owls). This suggests that shorts are as nervous as ever, and evidently uncomforted by the ominous divergences that have cropped up in such key technical indicators as the NYSE Advance/Decline Line and the Highs/Lows summation. All we can do from a trading standpoint is play it by the book. Most immediately, this means bottom-fishing at 1978.25 (a two-tick stop-loss is recommended).  If a bear market is in its preening stage, we should begin to see corroborating signs immediately, to wit: 1) downtrending ABC patterns should start overshooting their D targets in patterns of all degree; and, 2) abc rallies should start failing to reach their D targets.  Whatever happens, we’ll be watching carefully for signs of a pick-up in selling.