The bull market will face a crucial test at 1627.30, the midpoint support of the pattern shown. That is my minimum downside objective for the bear cycle begun last Tuesday from 1804.40, but you can use 1610.00 if it fails, since there are two possible ‘A’ starting points for the pattern (see inset). Bulls could still recover the advantage, but it would take nothing less than a quick pop to 1833.00, a benchmark referenced here earlier. _______ UPDATE (9:31): The overnight rally will have been little more than a cruel hoax if it can’t hit 1768.10 today, fat chance. That’s what it would take to undo the technical damage of yesterday’s breach of key ‘external’ lows near 1720 recorded in the early days of November. The nearest downside target is 1710.00, a minor midpoint pivot, but if it’s breached, it’s ‘D’ sibling at 1681.50 will be in play.
