Because the turn came yesterday from just above the 1702.60 Hidden Pivot support where we were bidding, we hold no position officially. The futures look like they’re about to fly or die, the corrective action since late September having gone on for too, too long. My trading partner John Boutiette, no slouch in the Hidden Pivot department, is focused on the trendline shown in the chart as a make-it-or-break-it level, and I would agree. A decisive push above the line, which comes in today around 1757.50, would doubtless send bears scrambling for cover. But until that happens, downside risk to as low as 1633.00 will remain.
