Yesterday’s dud changed little in the short-term picture. A cautiously bullish bias is warranted, based on the impulsive pattern shown. It projects to 1653.40, just above a trendline we’ve been monitoring for weeks. The midpoint resistance lies at 1642.80, and a close above it would shorten the odds that the higher number will be reached soon. Camouflageurs should use the 30-minute chart to find a ‘b-c’ pullback worth leveraging. Several descending peaks traced out yesterday should serve nicely, since gaps between them are relatively small. This will lend ‘camo’ cover to impulsive moves not likely to be read as breakout by our competitors. _______ UPDATE (1605.60): A 1574.30 downside target noted here last Friday is my minimum downside objective for the near term. Strengthening the case for more weakness is that the low of this morning’s plunge easily breached a clear Hidden Pivot target at 1602.50. Bottom-fishing at 1574.30 via camouflage is heartily recommended, but be aware that further downside to 1564.70 would become likely if that number is breached by more than $1.
