Bears held an edge yesterday, but not much of one. After tripping a signal to get short in the early going, the futures spasmed their way lower for six hours without achieving the modest 1963.90 target shown. Without the help of horrific news, shorts are unlikely to have an easier time of it on Wednesday. The institutionally rigged high-fliers such as Amazon and Google held their own on Tuesday as the broad averages declined, suggesting they could provide resilience for at least another day or two until buyers find traction. Traders, particularly night owls, should look to bottom-fish at 1963.90 with the tightest of stops. If this Hidden Pivot support gives way easily, however, bears should take encouragement, since it would be a sign of more weakness to come.
