Savor the 16-point pullback from within two ticks of our 1163.25 target for yet a few more hours, because this lovely bearish moment is not going to last.  As I attempted to make clear in yesterday’s tout, any rally exceeding the May peak at 1160.75 would be warning shorts to batten the hatches.  From a Hidden Pivot perspective, we should watch to see how the pattern in the chart plays out, since an imminent resurgence would be telegraphed by a bounce from whatever midpoint support forms. That midpoint can be bottom-fished with a tight stop, by the way, since such lazy, looping patterns as this one is shaping up to be are conducive to precisely defined opportunity. ________ UPDATE (8:59 a.m. EDT):  Ahhh, fascinating.  Much like the chart I’d drawn shows, the futures came down to within three ticks of the midpoint support, which at the time was 1151.25;  then, they bounced three points, to a high of 1154.00 at 8:27 a.m. But if our eyes — and Tradestation data — are to be believed, what came next was right out of Friday-Follies looney land: a swoon down to 1145.50, then a rocket ride up to 1158.75 — all on the alleged “news” that unemployment had held steady at 9.6%, and that  employers had cut more jobs than the usual idiots were expecting.