The 1425.5o (shortable, stop 1426.25) rally target given here earlier is still my minimum upside objective for the moment, although progress toward it has been too erratic for all but the nimblest traders to ride. The ‘p’ midpoint associated with the target lies at 1406.00, and that’s where I would suggest that camouflageurs try to get aboard on a pullback, since buying bullish feints could prove even trickier to grab. Notice that a second Hidden Pivot at 1406.50, a ‘d’ support, makes bottom-fishing at that level even more attractive. _______ UPDATE (3:37 p.m. EDT): The futures bounced, all right — but from 1405.25, after the damage had already been done to the supports flagged above. The ensuing weakness and intraday low at 1399.50 are devoid of technical meaning, however, since the move was not impulsive even on the 30-minute chart. Bottom-line: today has been nothing but noise.
