Sellers took their best shot yesterday and still couldn’t bully the December contract below Monday’s 1763.30 bottom. A sign of cowardice? Perhaps, but if the good guys want to wrest control, they’ll need to reverse the trend and push the futures above the 1781.20 ‘external’ peak shown. Otherwise, look for weakness to continue to at least 1760.50, a minor Hidden Pivot that lies within a thicket of implied support from last Friday’s lows. If that target gets shredded, however, we’d be looking at a minimum 1747.10, a Hidden Pivot that looks tailor-made for camo bottom-fishing.
