The futures were headed most immediately to the 2107.75 target shown, having failed to muster their customary short-squeeze rally in the final hour of the session. The polymath chimps at the control panels tried their darndest to promote a bounce off Tuesday’s low, but this too failed — badly, since the low they used was a tick beneath the day-earlier low. This would have stopped out many bulls just ahead of the bounce. While that should have lightened the load, giving the reversal more pop, buyers — even with the help of short-covering bears — achieved only a meager 7.50 points of upside before succumbing to gravity. This show of weakness is sufficient to suggest that the minor Hidden Pivot support at 2107.75 (see inset) is unlikely to hold , even if if provides a scalp-able bounce. The bigger picture, proffered here for the last few days, still points toward a 2073.50 target. Most immediately, when the 2114.75 midpoint support of this pattern gives way, the futures will be on their way to a minimum 2094.13, the ‘secondary’ Hidden Pivot support. Both that number and 2114.75 can be used to set up ‘mechanical’ shorts, provided you’re familiar with the tactic._______ UPDATE (Sep 15, 7:47 a.m. EDT): The 2107.75 Hidden Pivot caught the exact low of a so-far 15-point bounce that could have produced a profit of as much as $760 per contract for anyone who used the target to get long. The rally is bullishly impulsive on the 15-minute chart (although not yet on the hourly; that would require a print at 2130.25), and that’s where you should find your trades for the time being if you want to ride this horse without sticking your neck out too far. As implied above, the move is most probably a bull trap.
