Tonight’s selloff smells exactly like the one that occurred Sunday night. It was followed by a short-squeeze rally at the opening bell, and that’s what I expect to happen again. Night owls needn’t sit on their thumbs, however, since the downtrend has produced two dandy Hidden Pivot supports that look capable of supporting bids stopped as tightly as two ticks. To bottom-fish the higher target, use a 2759.25 bid, stop 2758.75; and a 2755.25 bid, stop 2754.50, for the lower number. ________ UPDATE (June 19, 8:23 a.m.): Neither of the Hidden Pivot supports I’d noted above evinced a bounce, much less a tradeable one. This is the most urgent selling we’ve seen since mid-March. DaBoyz seem to have exhausted sellers at 2735, but the unpersuasive rebound ahead of the opening bell means the low is going to be tested.
