The futures have sold off sharply after moving relentlessly higher since last Thursday. We were using a 34.665 rally target that remains valid, but I’ll suggest augmenting it with an imagination-stretcher at 36.625 that is clearer and which comes from the weekly chart (see inset) rather than the larger intradays. More immediately, the corrective downtrend, viewed on the five-minute chart, projects to at least 33.265, but the futures could fall to 32.890 if it’s breached. (a=33.975 on February 21 at 9:40 p.m. EST). Both of these Hidden Pivots can be bottom-fished with a stop-loss as tight as four ticks.
