Traders picked yesterday to start worrying about the sickly pace of global “growth,” according to news stories that purported to explain the Dow’s 273-point decline. It’s about time someone started worrying. In plain fact, the slowdown began more than five years ago, when the U.S. economy supposedly was emerging from The Great Recession. Now, though, the slowdown seems to be picking up steam — kind of like a locomotive running off the rails in reverse.  Industrial output in Germany has become particularly worrisome, down 4% in August to mark the steepest drop in more than five years. That’s shocking news for anyone who hasn’t been paying attention to the European Union’s slow-motion crack-up. Evidently, investors have been too busy buying Spanish bonds hand-over-fist to notice.

So where to next for the Indoos? There’s a Hidden Pivot support at 16628 where we should look for a tradable bounce (see inset), although I would counsel you with an old trading adage:  When you try to catch a falling piano, wait till it has bounced a few times first.  If the support gives way easily you can put aside Hidden Pivot dynamics and simply look for the Dow to grope its way down to the August 7 low at 16334 in search of traction.