Yesterday’s nasty little short squeeze recouped last Thursday’s air pocket, bracketing the intervening day (i.e., Friday) as an altogether gratuitous, and hardly atypical, swoon. The rally was ”camouflaged,” strictly speaking, because it vaulted a bunch of prior peaks without getting past the important one at 1112.25 recorded last Monday. That number was three ticks shy of a 1113.00 Hidden Pivot target we’d been using for too long, and it rounds out a picture that explains in graphical form how a market with zero bullish buying interest can keep going higher, and higher and….higher. I’ve got an 1138.00 rally target we can use if this tedium should continue, but I won’t show you how I derived it because I don’t want to encourage bad habits in my students.
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