In after-hours trading Tuesday night, the February contract was poised for a $10 tumble to the 1184.40 target shown. This is by no means ordained, however, and we could still be pleasantly surprised if the futures should reverse course at the 1193.90 midpoint support (see inset), then power above 1203.40 to generate a fresh, bullish impulse leg on the hourly chart. Night owls can try shorting a breakdown below minor ‘structural’ support at 1193.40, and/or bottom-fishing at 1184.40, stop 1183.90. _______ UPDATE (10:38 a.m. EST): And pleasantly surprised we were, the futures having rebounded after going no lower overnight than 1193.50. They are currently trading 1210.90, ‘actualizing’ a promising, bullish impulse leg for a shot at 1244.40 if p=1217.90 gives way. _______ UPDATE (December 7, 10:55 p.m.): The futures looked bound for at least 1178.70, but if that Hidden PIvot support is breached by more than 1.00 point, look for more slippage to a minimum 1173.70
