With a minor upward adjustment, the bearish target given here last week remains valid. I’ve revised it to 1272.00 from 1271.60 based on the hourly chart shown. (The original pattern we used to target the move came from the 240-minute chart). The Hidden Pivot is well situated for tightly stopped bottom-fishing, but as always, a decisive breach would portend more weakness ahead. Keep in mind that an 1125.10 bear-market target first broached here a while back (from the weekly continuous chart, where A= 1487.20 on May 3) remains viable. It would be actively in play if the futures were to close beneath its 1279.00 midpoint sibling for two consecutive weekly bars.
