With yesterday’s breach of a clear HP support at 1559.75, the futures signaled further weakness to as low as 1518.50. Important lows made in March/April just above that number will make it less useful for our purposes, however, since ‘structural’ support will likely supersede Hidden Pivots in determining a swing low. The most promising short conceivable at this point would be from near the 1604 midpoint pivot of the pattern shown. That’s a 45-point rally from here, and that would surely be enough to turn ‘everyone’ bullish again. We would have good reason for caution, however, since a run-up to the midpoint pivot would have ‘bull trap’ written all over it
