Although sellers were their usual, timid selves on Friday, the action was bearish from a Hidden Pivot standpoint nonetheless because all of it took place beneath some not-very-challenging peaks recorded two days earlier. Mild price weakness has emerged Sunday night, but so far, with the futures off just five points, it seems more like the kind of selling that bulls engineer for their benefit rather than fearful selling. In any event, the nearest target at our disposal for a minimum downside objective is 1292.00, the midpoint support shown in the accompanying chart. A decisive penetration of that number would portend 1278.00, which can be bottom-fished with a stop-loss as tight as 1.00 point. _______ UPDATE (9:33 a.m. EST): DaBoyz have kicked off a new week with the by-now familiar Monday morning short-squeeze. Based on no-news-is-bad news, it’ll turn lethal above 1334.75.
