Sellers tore through every minor Hidden Pivot support one could find yesterday, pausing at last above a series of key structural supports in the 1330s created a month ago (see inset). We’ll be better able to gauge whether this is corrective or impulsive when we’ve seen how the supports handle the downtrend. Until then, trading this vehicle will be catch-as-catch-can. Night owls will find plenty of “camouflage” cover on the 5-minute chart. Note especially the 1344.25 peak recorded just after noon on Tuesday — a bullish breakout point for us that few others will notice or care about.
