It’s early Thursday morning and the futures were playing toe-sies with the 1401.25 midpoint support of the pattern shown. It’s ‘D’ sibling at 1386.25 will be in play as a minimum downside objective if ‘p’ is exceeded by perhaps 1.00-1.50 points. The 15 points of implied downside makes this one well worth shorting, but you’ll need to figure your own way in, since the stock market is apt to be squirrelly as it awaits a supposedly important speech by Helicopter Ben on Friday ahead of the three-day weekend. The ‘D’ target can be bottom-fished via camouflage, but the pattern looks fetching enough that you could try it with a 1386.50 bid and a stop-loss as tight as 1385.50. _______ UPDATE (August 31. 12:40 a.m. EDT): Yesterday’s mincing steps lower left my forecast and advice for Thursday (see above) unchanged. It should be interesting to see whether the Hidden Pivot at 1386.25 stops whatever hysteria The ‘Nank is able to incite in its tracks.
