My choice of a point ‘A’ is arguable, but if it works, the futures should fall to at least 1276.25 before getting good traction. That’s a Hidden Pivot support that can be bottom-fished with a stop-loss as tight as three ticks. The 1290.00 midpoint is worth little to us, however, since it lies just a tick from the obvious structural support of yesterday’s v-shaped bottom. Bears should give benighted buyers wide berth if the futures should turn higher from somewhere above 1290.00 and subsequently make it past 1311.50, the first ‘external’ peak a rally would encounter on the hourly chart.
