Seven trading days have failed to push this flying sow to the 2152.25 target we’ve been using for a while. A print this morning at 2149.75 is as high as it’s gotten, meaning the target is still valid in theory. In practice, however, we’ll focus on a larger and presumably more meaningful pattern that is bearish and projects to 2093.75. I recognize that the impulse leg here is a mongrel because its point ‘B’ low failed to exceed mid-September’s 2107.75 as we generally require. It looks good enough for government work, though, and that’s why we should use p=2121.63 as a minimum downside objective for Tuesday. This midpoint Hidden Pivot should produce a tradable bounce, but I would risk no more than 1.00 point on the stop-loss, since it’s the downtrend we are favoring at the moment. Notice that the 2093.75 target is close to another at 2090.25 that we’ve been using for more than a month as stocks have jerked around meaninglessly. Taken together, these two Hidden Pivot supports should exert a magnetic downward pull on the futures. They will tend to reach their destination if and when short-covering bears exhaust themselves, but the Catch-22 is that this is more likely to occur precipitously with the broad averages trading at new record highs. _______ UPDATE (Oct 26, 6:57 p.m. ET): Today’s pointless spasms signified nothing in particular. I could give you a 2142.50 rally target and a fresh chart for trading purposes, but better that you should spend Thursday enjoying life’s simple pleasures._______ UPDATE (Oct 27, 8:29 p.m.): The snoozefest continues, a Rip Van Winkle experience by now for many traders.