It’s early Sunday evening, and the futures have opened 2.00 points lower than the lowest Hidden Pivot target available on the hourly chart. This means they are probing for support near a key bottom at 1332.75 recorded on March 6. Since camouflage is so well suited to determining precisely whence the all-but-inevitable upturn will occur (even if from beneath 1332.75), night owls should look to do their bottom-fishing on the one-minute chart — the first place where there are any ‘external’ peaks to use for a grip. (Let me mention that even on the one-minute, such peaks leave something to be desired, since they are not preceded by distinctive lows). I’ve labeled a few such peaks on the accompanying chart for your further guidance. _______ UPDATE (11:43 a.m. EDT): There were numerous entry signals to try, none worth a damn. The best of a bad lot came around 3:30 a.m. off a bear-trap point ‘C’ that was just too scary to use. The entire rally from the overnight low has yet to produce an impulse leg; that would take a print at 1368.75. A ‘b-c’ pullback from a tick or two above that number can be used by camouflageurs to get long. _______ FURTHER UPDATE (3:01 p.m.): The Cubes have rebounded sharply, allowing us to close out half the position @ 1.25, three cents off the so-far recovery high. Imputing the gains thereof to the half of the position that remains gives us an effective cost basis of 0.81 per contract.
