The recent high missed my 1362.40 target by 0.60, a failure with little technical significance. However, the ensuing pullback has set bulls and bears a-dueling. The former still hold a short-term edge, but the picture would darken on a print below the 1335.30 ‘external’ low shown. As of this moment, that would appear likely, since the futures have already crushed the midpoint support of a pattern targeted on 1332.30. The location of that Hidden Pivot support makes it a good place to attempt bottom-fishing, and that’s what I’ll recommend if and when it is touched. Camouflageurs should zoom down to the 1-minute chart for an entry signal, but if you’d rather do it the easy way, try a straight bid for a single contract at 1332.40, stop 1331.90. _______ UPDATE (9:58 a.m. EDT): The futures turned higher off an evening low that fell 7 ticks from its 1137.60 correction target (1-min chart, a=1344.20 at 9:03 p.m.; b=1340.20). The first camo trigger that would have gotten you long — with little stress — occurred around 9:55 p.m. at 1340.60. _______ UPDATE (October 31, 11:59 a.m.): The futures’ decisive breach of the 1332.30 support overnight warned of even lower prices to come. Although the $7 rally from the then low at 1330.00 was tradable, it stalled at the midpoint resistance — a further warning of impending weakness. At the moment, the thrashing around indicates a downside target, and potentially tradable low, at 1316.70.
