The 766.60 target flagged here yesterday, a Hidden Pivot, looks magnetic, so we’ll use it as our downside objective for the near term (i.e., 6-8 days). The pattern that produced it is clear and compelling, suggesting that any buying at the pivot would enjoy an enticing risk:reward. More immediately, I expect the futures to ease lower, to a minor Hidden Pivot at 799.70. Bottom-fishing can be attempted there with a stop-loss as tight as 798.90. However, if settlement is below that price it would raise the odds of a quick drop to 766.60. _______ UPDATE: With the futures down about $9, the low of the day occurred at 801.50, or $1.80 above our target. The bounce so far, to $819.90, has been pretty spirited, but it’ll take a print at 823.90 today to make it stick.