The bearish pattern begun from last Friday’s peak projects to at least 11921, a Hidden Pivot that you can bottom-fish with an 11923 bid and a five-tick stop-loss. I’ve used a distinctive one-off point ‘A’ to calculate this target (shown in the accompanying chart). If the support is easily breached, that would shorten the odds that we are seeing more than a garden variety pullback. _______ UPDATE (4:52 p.m.): Today’s flaccid rally did nothing to alter either the outlook or our plan. Look for more downside to 11921 over the near term.
