Investors shrugged off weak holiday sales with some half-hearted selling yesterday. We’ll know whether they’re under any real pressure once we’ve seen how the Dow interacts with the 17739 midpoint support shown. The blue chip average should go no lower if bulls are about to seize the advantage; otherwise more slippage to at least 17655 would become likely. An easy move through either of these Hidden Pivots seems unlikely in view of the stock market’s resilience on Monday, but if that should occur it would be warning of an imminent pick-up in selling. Most bullish of all would be an upturn from a low 10 or more points above 17739. If the rally continues, exceeding 17823, expect a new record high to be achieved within hours.
