We’ll stick with the 712.00 target given here earlier, since it looks unavoidable on the weekly chart. In the meantime, although the market remains capable on any given day of tricking Larry Kudlow and his benighted flock into thinking something encouraging is going on, we’ll benchmark 931.25 as the place where we might condescend to show an interest. That is where, from a Hidden Pivot perspective, a short squeeze worthy of the name would announce itself to us. _______ UPDATE: The E-Mini S&P has rallied the equivalent of 600 Dow points since bottoming at 825.00 overnight. The interesting and important thing to note about the rally, at least from a Hidden Pivot standpoint, is that it was little more than noise, having failed to exceed Friday’s peak, or, on the hourly chart, the requisite two prior peaks we require to signal an impulsive thrust. The move has impulsiveness on the 15-minute chart, for sure, and that is why we need to be careful about where to short it. But the signs so far suggest impotence.