There are still unfulfilled rally targets well above the recent highs, but we’ll focus for the time being on the downtrend, since it has begun with such brio. Notice how the lows of Thursday’s selloff failed to penetrate the midpoint Hidden Pivot support at 3426.50. This is not bullish per se, but it suggests that sellers lack the moxie to finish the job. How can they demonstrate otherwise? For starters, they’ll need to push the futures below p to the D target at 3360.00. It’ll take a close on Friday below that number, and another on Monday; or a decisive breach of it intraday, to suggest bears have taken charge.
ESU20 – Sep E-Mini S&P (Last:3447.25)