The bounce from yesterday’s lows stalled at the 1280.20 midpoint pivot shown, but the rally target at 1293.80 remains intact. A fall below 1266.50, the point ‘C’ low of the rally pattern, would negate the target, but if the initial move on Tuesday pushes the futures above the red line for a second time, it would raise the odds of a follow-through to 1293.80 to 50-50. Alternatively, an enticing bet would gel if the futures were to fall to 1262.20, the midpoint Hidden Pivot support of a downtrend begun from A=1298.60 (see inset). You could bottom-fish there with a stop-loss as tight as 1261.80. ______ UPDATE (10:42 a.m. EST): My target caught a tradable low at 1261.70 that gave way to a nearly $5 bounce. In the chat room, I advised partial profit-taking, since some subscribers had gotten long. By now, however, they’d have been stopped out, since the futures relapsed to a so-far low of 1257.00. I’ve posted a minor target at 1254.50 if the little sonofabitch heads lower.
