A bearish pattern took shape yesterday that suggests the bear market’s next plunge will hit 1140.00. The 1157.20 midpoint pivot could help break the fall; regardless, it can serve as a minimum downside target for the near term. I would suggest bottom-fishing at either of these Hidden Pivots, but only if you’ve caught a profitable piece of the ride south via a short position. Alternatively, the bullish case would perk up somewhat on an impulsive pop exceeding 1176.70, a level equal to an external peak recorded Friday on the way down.
