Yesterday’s bounce from within a dollar of a key Hidden Pivot midpoint at 1470.10 confirmed the viability of the pattern we’d used to predict a swing low there. Under the circumstances, the low could prove to be the last gasp of the correction that lurched violently into gear a little more than two weeks ago. However, it is also implied that if 1470.10 is breached by more than 1.50 points (or so) intraday, or, more tellingly, on a closing basis, the futures would likely head down to at least 1413.50 before finding traction. Please note that it will still take a print at 1543.60 to turn the hourly chart bullish.
