Although the futures have ratcheted lower for the last several days, there doesn’t seem to be much urgency behind the selling. Today’s low slightly exceeded a minor Hidden Pivot support at 171^03, but the breach wasn’t decisive enough for us to infer that the selling is likely to continue. If it does, however, you should use the 168^25 ‘D’ pivot that I’ve superimposed over the earlier pattern targeted on 171^03. Alternatively, buyers will need to push this brick above 173^14 within the next day or two to suggest that bulls are capable of turning it around. That’s equal to a peak recorded last Thursday on the way down, and a move above it would generate a robust impulse leg on the intraday charts.
