The 1182.25 pivot we were using repelled yesterday’s rally as expected, but the anemic 7.50-point correction that has ensued thus far will have given bears little to cheer about. If the pivot is exceeded this morning as seems likely, that would mean a target that took eight days to achieve held back the tide for all of about 18 hours.  It would also leave us scrounging for a new target — presumably on the daily chart, since possibilities on lesser charts have already exceeded the limits of clarity.  (There is just one more such target, however — 1192.00 — but I am not recommending that you try to short it.)  Working the daily chart for all it’s worth generates a matrix with two targets worth shorting: 1195.25 and 1198.75.   Neither will yield the kind of odds that would warrant hocking the family jewels, but if I had to pick one, I’d go with 1195.25, stop 1196.25. These are all scalp-shorts, of course, since last April’s imposing peak at 1208.00 will have become magnetic by the time the futures get within a few points of 1200. _______ UPDATE (11:57 a.m. EDT):  The 1182.25 pivot continues to hold, and a second-day confrontation with buyers this morning has sent them scurrying tail-between-legs to a so-far low at 1167.25. The move is impulsive on the hourly chart, so there’s a chance recent highs could stand for at least a few days.