The gratuitous oscillations of the last two weeks will have depleted the patience of most investors by now and worn out traders searching for trends with a life span of more than an hour or two. The moderately bullish target at 2168.50 given here on Friday remains valid in theory, but I would give more weight to the bearish pattern shown. It projects to 2131.50, a midpoint Hidden Pivot support. If and when the red line marking that support is breached decisively — meaning by more than a couple of points — it would put the next hidden support, a ‘secondary’ pivot at 2110.88, in play. In the meantime, p can be used for bottom-fishing, or as a staging area to get short ‘mechanically’ after it has been exceeded for at least a few bars.
