We’ve been using a Hidden Pivot at 1280.90 as a minimum downside target for the near term, but another is coming into focus at 1283.50 (see inset). Together they are going to exert a magnetic pull on the futures that looks likely to draw them at least a little lower before the good guys can take command again. That would occur instantly with an upthrust exceeding the ‘external’ peak that I’ve labeled at 1329.80. However, anything short of that should be regarded as noise. An imminent fall to the 1283.50 target, or perhaps to 1280.90, would announce itself via the breach of the midpoint pivot at 1300.75. Any of them can be bottom-fished with a tight stop-loss. _______ UPDATE (10:59 a.m. EDT): After rallying as high as 1317.10 overnight (i.e., ‘noise’), the futures have relapsed to a so-far low at 1300.90 that is less than two ticks from the Hidden Pivot midpoint noted above. If and when the support fails, look for a swoon to either of the two HPs that I’ve flagged.
