The futures followed our script yesterday, head-butting 11112 to no avail. Or perhaps to slight avail, since the action will have weakened resistance ahead of the breakout we’ve known all along was coming. It is a tired and brutally tiresome rally, moving from one level to the next when short interest has built up sufficiently to goose stocks to a higher plateau. Between rallies, downside feints have been entirely unpersuasive because institutional buying is the mindset right now, pending whatever horrific news it will take to get the money managers’ minds right. Most immediately, we should look for the next push to take this vehicle as high as 1152.75, a Hidden Pivot that comes from the 120-minute chart. It would get there sooner if Goldman were doing its job, but it looks like the market is about to drag Goldman higher rather than the other way around.
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