An aging target at 1077.50 remains my minimum downside objective for the moment, but if you attempt bottom-fishing there you should use “camouflage,” since this number is merely the most appealing of several possibilities where we might look for a tradable bullish turn. Please note that if this Hidden Pivot support should get blitzed, that another, more important one at 954.00 drum-rolled here earlier will be very much in play. That said, the bounce from 1077.50 has the potential to be quite powerful, so it will be worth your while to try to get on board down there. ______ UPDATE (11:19 a.m. EDT): The futures popped for 10 points overnight off a 1077.75 low, generating a nominally tradable ‘camo’ pattern on the one-minute chart (A=1077.75 at 4 a.m., B=1081.75 at 4:09 a.m., and single-bar C at 4:14 a.m). It would have produced a small profit, but the futures eventually relapsed down to 1068 overnight. To have exceeded such a longstanding target so quickly is ostensibly bearish, but the so-far 22-point short-squeeze recovery must be respected. Are we perhaps seeing the initial surge of a massive rally that awaits an announcement by Chris Christie that he is running for president? If he does, he will trounce Obama (or Hillary?), and that would be as bullish an event as America has experienced in a long while. Regarding the futures, most immediately, a five-minute chart is needed to project an 1100.25 minimum rally. This is an odds-on bet because the target’s sibling midpoint at 1091.75 has already been exceeded by 1.25 points.
