Friday’s secondary low at 934.50 occurred just a few ticks from the c-d midpoint of the pattern shown, implying that a breach Sunday night or Monday morning could send the futures down to as low as 924.75. However, that Hidden Pivot is useless for bottom-fishing because of its close proximity to Wednesday’s low. Alternatively — and more likely, in my opinion — is the resumption of the uptrend to a minimum 968.00. That target is shown on the chart as well, with a pattern begun from 903.50 a week ago. It will remain valid as long as the point ‘C’, last Wednesday’s low at 922.50, is not exceeded to the downside. _______ UPDATE (1:07 p.m.): After a very brief flurry of short-covering on the opening, weakness has dominated. As of mid-session, the low so far has been 925.50 — three ticks above our 924.75 downside target.
