The chart shows why, since October 27, our short-term outlook has been faintly bullish. On that day, the futures signaled a push up to at least 776.40; in fact, they bullishly over-achieved by hitting 778.30. They also surpassed a minor look-to-the-left peak at that time, hinting of more upside to come. However, what has occurred since is not the rally leg we might have anticipated, but an agitated scuddle sideways. Now, from a Hidden Pivot standpoint the futures must either rally to 788.40, a target broached here earlier, or they must fall to the 628.10 target billboarded in today’s commentary. For the bullish scenario to play out, we’d first need to see a two-day close above 749.30, a midpoint resistance discernible on the lesser charts that began with the 722.50 low recorded on November 3.