An important Hidden Pivot target at 1708.75 broached here a couple of weeks ago has survived so far, although the selloff since has not exactly been the stuff of bears’ dreams. Even so, we can look forward to a bit more weakness today, down to the 1674.00 target shown. If Mr Market is about to have congestive heart failure, or perhaps a well-deserved stroke, we should look for sellers to turn the target into suet quickly. Even so, the so-far corrective pattern looks good enough to try tightly stopped bottom-fishing there. Camouflageurs should initiate the trade on the one-minute chart or less, notifying me in the chat room of any fills. If you want to skip the camouflage, bid 1674.25 for a single contract, stop 1763.25. ______ UPDATE (10:57 a.m. EDT): Oh well. Mr Market once again failed to succumb, turning higher from a low of 1675.25 that cheated us out of a nice buying opportunity. Is it possible the trained chimpanzees on the trade desks at Goldman and J.P. Morgan know how to identify the most obvious Hidden Pivots, such as the one given above, and are front-running us? _______ UPDATE (August 12, 9:01 p.m. EDT): My outlook is little changed, although bears will need to respect the bullish impulse leg that resulted from yesterday’s gratuitous ups and downs. It projects to 1692.25, but that Hidden Pivot is not very enticing as a place to get short, since it equals a key ‘external’ peak recorded Friday on the way down (see inset, a new chart). Night owls will notice there’s a possible buying set-up in the ABC pattern that was taking shape Monday evening.
