When trading came to a halt on Friday, the futures had fallen to within easy distance of the 2006.75 target shown. This Hidden Pivot support will undoubtedly be useful to us Sunday night, since its decisive breach would indicate that significantly lower prices are coming. I will update once index futures have begun to trade. As of Sunday morning, however, I was skeptical that the horrific events in Paris would have a big impact on the markets. I posted as follows in the chat room: “As far as I’m concerned, the bull market ended the first week in May — precisely as Peter Eliades had predicted — with a generational top in NYSE breadth. But I’m too cynical about how the markets work to believe that a frontal attack against Western Civilization by terrorists is even remotely on the tiny, greedy brains of those who make their living throwing Other People’s Money at the markets. I’ll be interested nonetheless to see how DaBoyz open index futures Sunday night. A large gap lower would be business-as-usual, since it would suggest that the Masters of the Universe aim to buy ’em, albeit at fire-sale prices. Most bearish, in my estimation, would be for index futures to open between 5-10 points lower, and to trade in that range overnight, since that would imply stocks are being propped up for distribution at the opening. _______ UPDATE (6:55 p.m.): Index futures have gotten hit on the opening, but nothing disastrous. The ABC pattern that looks most useful to me starts with A=2077.50 on 11/12, and B=2021.25 (corrected, was 2012.25) on 11/13, with p2=1994.50 as my minimum downside objective, with a ‘mechanical’ short implied from 2008.50, provided you know how these trades work. You’ll be shooting for D=1980.50. _______ UPDATE (10:58 p.m.): Or perhaps not. This trade has been so asphyxiatingly slow to develop that I’m going to exit here, at 2008.00, and call it a night.
