The futures played toe-sies on Friday with a Hidden Pivot midpoint support I’d flagged at 1113.00. The intraday low at 1117.00 fell a tad shy of our benchmark, but if it should fail on a closing basis, look for more carnage down to as low as 1019.50, its ‘D’ sibling. More immediately, there were no compelling opportunities when the action stopped on Friday, but a rally today hitting 1136.50 should be viewed as a possible camouflage opportunity to get short. That is the midpoint resistance, on the hourly chart, of A=1118.50 (7:30 a.m. EDT); B=1153.25, and C=1119.00. ________ UPDATE (8:50 a.m. EDT): With Sunday night’s wild bounce, a new pattern projects to at least 1163.25, the Hidden Pivot midpoint of A=1103.00 (6/11); B=1206.75 (8/17). We’ll call this the Qaddafi rally, since his presumably imminent departure could not possibly have positive implications for U.S. stocks. That won’t stop the U.S. new media form saying this is so, however.
