Although my tout for Friday anticipated the bull-trap opening, the actual head-fake fell three points shy of the 1895.50 pivot where I’d suggested getting short. The subsequent collapse came within two ticks of a 0.618 retracement of the rally begun on March 27 from 1834.00, but I doubt that this Fibonacci level will hold. It was a speculative buy on Friday, although it would have been risky to carry the resulting, marginally profitable long position over the weekend. Fibonacci levels and Hidden Pivots aside, you should consider bottom-fishing today at the trendline, which, depending on the time of day, will come in anywhere between around 1841.75 and, toward the end of the session, 1843.00.
