The narrow failure of yesterday’s shakedown to achieve a 1943.50 downside target was mildly bullish, but we’ll wait to see whether sellers follow-through Thursday night/Friday morning before we draw any conclusions about the underlying strength or weakness of this vehicle. Night owls can try bottom-fishing at the 1953.50 midpoint pivot, stop 1952.75, in any case, but if it’s decisively breached, that would be indicating more weakness to at least 1943.00 over the very near-term. That Hidden Pivot can be bottom-fished as well, provided the pattern that created it remains intact.
