We’ve traded this vehicle successfully before (and unsuccessfully as well), but the only number I can discern that we might use for tightly stopped bottom-fishing lies at 42.25, a Hidden Pivot as well as my minimum downside target for the next 3-4 days.  For what it’s worth, the hourly chart brings little more clarity to our task than the E-Mini S&P chart featured today.  Lesser patterns going back 2-3 weeks appear to have exhausted their downside targets, but if you open up more of the panorama, using 240-minute bars to project back to December, the May 6 Flash Crash still dominates the landscape. It yields a nominal Hidden Pivot target at  40.17, but the number has been rendered all but valueless for trading because the pattern that produced it has been muddling its way lower for an asphyxiating three-and-a-half-months. In retrospect, covered-writing into rallies could have been a winner, although not exactly the ticket to riches. _______ UPDATE: Cancel the trade, since it appears that the lunatic fringe has seized control of the broad averages ahead of the holiday weekend.