After topping just beneath a 1728.50 rally target flagged here earlier, the futures have retraced to a similarly promising Hidden Pivot support at 1692.60, where I’ve suggested cautious bottom-fishing. Caution is warranted because just a small overshoot would exceed an important low at 1687.75 recorded on September 17 (see inset), putting the burden of proof on bulls for a rare change. It would also reduce the odds of reaching a 1767.00 target straightaway that had looked like a great bet less than a week ago.
