The bull market is dying, with feeble short-covering rallies not half as strong as the ones we saw just a couple of months ago. They have been ending with a whimper, like a dog crawling to the side of the road after being hit by a car. This vehicle avoided the p2 support at 2057.75 (see inset) the first dip down to it last Friday, but my hunch is that the pivot will be breached shortly, giving way to a finishing stroke to the 2040.75 target flagged here earlier. You can try bottom-fishing there, but the payoff will be better if you’ve been short on the way down. That will be most easily accomplished via a ‘mechanical’ offer at 2057.75, stop 2063.25, after the pivot has been exceeded by perhaps 3.00 points (or so).
