The downtrend is now impulsive on the daily chart, having taken out a second “external” low at 1308.50 with yesterday’s moderate decline. The move will now either accelerate — or recoup the losses before bears know what’s hit them. My gut feeling is that the former is about to occur, a Hidden Pivot feat that would become serious with a print this week or early next below the 1262.25 bottom recorded on January 31 during a nasty swoon. Alternatively, buyers need only push this vehicle above 1334.50 today to reclaim the advantage. The significance of that number is shown in the accompanying chart.
