The broad averages appear to be in a wrenching correction of a bear rally.
This is happening because too many traders, investors and observers, including your expert, evidently were expecting a more powerful upthrust. Basis the June E-Mini S&P contract, it achieved a mere 5837 so far, a whopping 139 points shy of the 5976 target I provided on Sunday.
At 2:44 p.m. Wednesday, the futures are trading around 57540 after having signaled more downside to at least 5713.25. That is a Hidden Pivot support that will warrant tightly-stopped bottom-fishing. However, if it is decisively exceeded, especially on first contact, more weakness to as low as 5589.25 would become an odds-on bet. Support, possibly fleeting, could also be seen at 5651.25.
