We are short a single contract with a cost basis of $1176 and a theoretical gain of $9300. Maintain stops at 1111.40. Bulls were hanging by a thread when the final bell sounded on Friday. Earlier in the day they broke beneath July’s 1073.70 low, as expected. However, the subsequent bounce was weak, considering that the breach of the low would have shaken loose a lot of bulls and would-be profit-takers. I’d suggested giving them the benefit of the doubt for another day or two, but you need only look at the chart to feel the all-but-irresistible weight of the long-term downtrend. It has been pushing the futures toward the 1044.50 target since last February, when a short sale was signaled. There are even larger, weightier ABC patterns that imply still-lower prices, with a worst-case target at 814.50 that I first broached here long ago. Although the 1044.50 Hidden Pivot looks like a promising place to try bottom-fishing with a tight stop-loss, you should be trading with a bearish bias at the moment, bent on capturing $40 of potential downside profits ahead off any bottom-fishing foray._______ UPDATE (November 17, 9:53 a.m. ET): The futures are noodling around p=1079.50, with p2=1069.75 as minimum downside target and D=1060.70. On the 30-minute chart, A=1109.70 (11/6) and B=1073.00 on 11/12
