Yesterday’s low mildly overshot the 1317.25 target, telegraphing the weakness that has ensued. It projects most immediately to the 1304.00 Hidden Pivot target of the pattern shown, although an upthrust that hits 1327.25 first would signal a likely end to the good feelings bears may have imbibed from the nearly 50-point selloff begun off Friday’s opening feint higher. Below 1304.00, the selling could snowball to at least 1288.50, but there are few promising structural supports all the way down to 1255.
