The chart on display today returns us to a 2090.25 downside target that has been in play for five weeks. It still looks like a winner to me, even if it is taking forever to get there. Shorts entering at any point along the way would have survived without too much punishment, but the reward for enduring the stresses this might have entailed works out so far to about $1.78/hour. I have included in this calculation hours spent sleeping, or at least trying to sleep, since night-time offers no respite for those with open positions.  From a technical standpoint, our concern is not so much whether the target will be reached — it almost certainly will — but rather, how robustly the futures bounce from it. If they instead smash the target, a Hidden Pivot support, and then close beneath it for two consecutive days, that would imply that the weakness we’ve seen since early September is more than merely corrective — that it could be the start of a bear market that has grown increasingly likely ever since this bull began to flout falling corporate earnings early in 2015. . Click here for a no-risk trial subscription that will give you instant access to a 24/7 chat room that draws savvy traders from around the world.

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 -- Published: Tuesday, 1 November 2016 | E-Mail  | Print  | Source: GoldSeek.com

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