A Hidden Pivot at 31.230 remains our minimum downside objective, and it would take nothing less than a surge above 34.380 to turn the intermediate-term outlook back to bullish. Moreover, a two-day closed beneath 31.230 would put into play the 29.355 target noted here yesterday. Look on the somewhat bright side, yesterday’s thrust was weakly impulsive on the hourly chart — “weakly” because it surpassed no true ‘external’ highs — and projects to 33.390 via a 32.910 midpoint resistance that lies just two ticks above yesterday’s high. From our Hidden Pivot perspective, the most bullish thing that could happen today would be an unpaused thrust that exceeds external peaks #1 and #2.
