The futures swooned Monday to a low that negated the 2375.75 rally target we’d been using. That benchmark was small potatoes, and the fact that the June contract wasn’t able to achieve so very modest a goal after three days of trying suggests that buyers are a little more fatigued than may be obvious. Granted, they did waft this brick into the close, recouping most of the modest losses suffered earlier in the session. But we should keep our guard up on Tuesday nonetheless with a dose of skepticism. The first clue that bears might be about to shed some of their wonted timidity would come on a decisive downside penetration of the 2346.63 midpoint Hidden Pivot support shown. The pattern is tradable in all the usual ways, short or long, but for starters night owls could use a 2346.75 bid, stop 2345.75, to bottom-fish. If the order fills, you’ll be on your own. ________ UPDATE (Apr 4, 9:25 a.m. ET): Overnight, the futures took a 4.50-point bounce from within two ticks of the hidden support I’d flagged above; then they relapsed. Since I don’t know how I would have traded this one myself, I won’t presume to know how you may have traded it. Regardless, the 2335.75 downside target is very much in play, notwithstanding the so-far weak short-squeeze DaBoyz are attempting to stir up ahead of the opening bell.
