Friday’s selloff created a strongly bearish impulse leg on the intraday charts. Although the obligatory short-covering rally in the final hour recouped most of the losses, the burden of proof will be on bulls as the week begins. That’s because the intraday low on Friday overshot a clear Hidden Pivot support (see inset) at 2047.75 — usually an indication of more weakness to come. Alternatively, it would take a push above 2076.00, Friday’s high, to prevent some of the recent peaks from becoming collectively a top of at least short-term importance.
