The peak of yesterday’s rally exceeded mid-September’s 1214.50 highs by a point-and-a-half, transforming the steep rally of the last two weeks into a bullish impulse leg.  On the daily chart, this is the most bullish event since August 29, when a lesser upthrust similarly “went impulsive.”  That rally fizzled a couple of days later when it entered a tiresome, month-long dirge, but it’s too early to predict whether this one will fare any better.  However, because it missed breaching 1223.75, a top made on August 31 that is still the highest high achieved since the broad averages bottomed three weeks earlier, there may be a camouflage opportunity to get long in the offing.  I’ve sketched this out hypothetically so that you can play along if you’ve got the patience for it.  Want to learn how to nail swing highs and lows precisely, and to manage trade risk with a simple approach? Click here for information about the upcoming Hidden Pivot Webinar on November 16-17 and a $50 discount.