Bears could be in for a respite shortly, since there’s a major Hidden Pivot resistance not far above, at 1708.75. Another at 1703.75 that was noted here previously remains viable, but we should defer for the time being to the higher number, since it is by far the more important. Camouflageurs can try shorting at either, or both, but I’d suggest doing so at 1703.75 only if the theoretical entry risk per contract can be held to no more than five ticks (1.25 points). _______ UPDATE (4:54 p.m.): Tuesday’s pullback was mildly impulsive and pointed toward a ‘D’ correction target at 1683.25 that can be bottom-fished in any way that suits your style. Night owls should consider shorting the implied fall, since the p midpoint support at 1687.50 has been exceeded by 1.00 point. The pattern is shown at the right-hand edge of the chart (a new one), along with our original rally target at 1703.75. _______ UPDATE (July 24, 1:34 p.m. EDT): A moderately bearish impulse leg has been generated on the hourly chart today, but it would become more serious with just a little more selling. Specifically, the short-term outlook would take a turn for the worse on a print at 1676.75. So far, the intraday low is 1678.25.
