The short-term outlook is tied to an important support at 1454.10 that we discovered at the tail end of Wednesday night’s Hidden Pivot webinar. It is the ‘p’ midpoint of the minor pattern shown, but if it is breached by more than 30 cents, I would expect the weakness to continue to its ‘d’ sibling at least, 1448.70. At that point the 1440.20 target of a larger pattern — the one whose 1452.00 midpoint reversed yesterday’s selloff — would be in play. In any event, we remain long a single contract whose cost basis has been reduced to 1446.00 by the profitable sale of a second contract we’d held earlier in the day. Lower the fixed stop advised at that time slightly to 1453.50, but switch to a $6 trailing stop if 1464.90 is hit on an upthrust. A print at the price would likely leave bulls in charge for the rest of the week. ______ UPDATE (12:09): With the creation of a slightly higher ‘c’, the 1454.10 danger threshold has migrated north by a few ticks. I’d suggest monitoring the uptrend, since it may necessitate further change in the price points noted above. However, it would take a thrust to 1472.90 for bulls to take charge.
