A bull trap sprung in the opening hour yesterday has given way to a moderate sell-off that was still in progress early Thursday morning. It has the potential to hit 1173.00 over the near term, or 1167.25 if any lower. That second number is tied to a Hidden Pivot midpoint at 1179. 75, so night owls should look for a camouflage opportunity to get long there. However, if there is no tradable bounce, odds of more weakness down to at least 1167.25 will shorten. Alternatively, DaBoyz would need to short-squeeze this hoax above 1193.00 to temporarily restore control to the algo traders. The significance of that number is shown in the accompanying chart. _______ UPDATE (9:53 a.m. EDT): The futures are getting savaged this morning, down the equivalent of 35o Dow points on the opening. The so far low at 1150.25 has come within a single tick of the Hidden Pivot support of a pattern created overnight (15m, A=1183.25 at 1:45 a.m., B=1162.25 at 5:30 a.m.), but if the low gives way, a new wave of selling could push this pup all the way down to 1141.25 (A=1192.50).
