New clues about the intermediate-term trend should come soon from the downtrending abc pattern shown in the chart, since the futures were stealing up on its 1496.90 midpoint pivot when the regular session ended yesterday. Its breach would portend more slippage to the ‘d’ sibling at 1479.10, but please note that neither of these Hidden Pivots should be used for bottom fishing — at least, not without camouflage — because of the sausage-y quality of point ‘B’ (i.e., it failed to get past some mid-May lows) . Note as well that 1479.10 is dangerously close to the brink, since it lies within a hair of the key structural support (originally a hidden support) at 1472.60 recorded on May 17. _______ UPDATE (11:39 a.m. EDT): Bad news: Not only have the futures “slipped” to the 1479.10 target, they’ve done slightly worse, making their intreaday low so far ay 1478.30, down $25 at that point. They have since rebounded $10, but it’s just an oversold bounce. It’ll take a surge of about $15 from here, to above 1502.30, to turn the hourly chart bullish again.
