Some subscribers evidently tried to hang onto shorts from 1304.75, but, much as we have come to expect, the little sonofabitch simply wouldn’t go down. It did pull back some, though, allowing partial-profit taking that by now should be automatic any time we are short the broad averages and even slightly ahead of the game.  As of around 8:15 p.m. EDT, the rally had become a full-blown short-squeeze, spiking to as high as 1314.00 on one particularly vicious bar. That is an exact Hidden Pivot on the hourly chart (A=1261.50, B=1296.50), so it could mark a short-term top.  If there’s another thrust, though, look for 1317.75, or perhaps even 1334.25 if the lower resistance fails.