Although the Dow finished on an upswing Friday, 38 points off its shell-shocked lows, more selling seems likely. For forecasting purposes, I’d give more weight to the trendline shown than to any Hidden Pivots supports just below. The trendline comes in at 17474, implying a further fall of 312 points beneath Friday’s settlement price. We can look for ways to get short once we’ve seen how stocks open on Monday, so stay close to the chat room if you’re interested in the trade. Bottom-fishing opportunities will be equally enticing, since a print at the trendline would imply that bulls counting on support from two lows recorded in March will have been stopped out. ______ UPDATE: The trendline noted above is still there, but yesterday’s bull stampede will have distanced it for the time being as a usable benchmark.
