The stock market continues to act as though every speculator on the planet is short: minor downside targets are going unachieved; fleeting lows are quickly reversed, leaving gratuitous feints and swoons all over the intraday charts; and, DaBoyz have been ‘running ’em up’ in the final minutes of the session. Considering that all of this has been occurring in the context of a downtrend that has prevailed for more than a week, one might think it would be easy money for bears. In fact, aside from last Friday’s steep plunge, it has been torture every inch of the way. As for the bulls, although they may have found the short-squeeze rallies exhilarating, their losses have mounted over the past week due to the downtrend, however erratic. Considering the foregoing, I’ll eschew a detailed prediction for Tuesday and mention only that Monday’s bullish reversal came from a predictable spot — i.e., the 1986.75 target of the pattern shown.  That should be it for the downtrend for a while. However, because the target, a fairly important Hidden Pivot support, was breached by a relatively significant 5.25 points, we shouldn’t expect a sustained bounce. Yellen is scheduled to blather and bloviate on Wednesday, and if there is anything in her speech that can be construed as even remotely bullish, DaBoyz will use it to squeeze from beleaguered bears what little life remains. The implication, of course, is a rally that would trap bulls even more viciously. UPDATE (1:47 p.m.): The 2045.75 rally target that I posted in the chat room nearly five hours ago (see 9:05 entry) appears to have caught the high of the day to the exact tick.  I will establish a tracking position if I hear from at least a few subscribers who used it.