A downside target at 38.760 flagged here earlier is still my minimum retracement objective, but if it’s breached by more than a few ticks, look for the selling to continue down to at least 38.375. Either of these Hidden Pivot supports can be bottom-fished with a stop-loss as tight as two ticks, but the most conservative way to play it — the one we will use officially — is to buy-stop a camouflaged ‘X’ entry trigger after the futures have closely approached the lower number. _______ UPDATE (12:23 p.m. EDT): The futures have rallied robustly from a not-very-scary hole, tacking nearly $1.50 onto yesterday’s low. The so-far high at 40.895 is encouraging, but I’d feel even better about it if buyers can take this vehicle seven cents higher, exceeding a 40.950 peak “along the wall” that was recorded Wednesday on the way south. _______ UPDATE (12:31 p.m. EDT): Moments after the update went out, the futures punched through the 40.950 external peak, further brightening the picture for next week. This is a very bullish sign.
