Wild, whacky rallies are not necessarily bullish, especially when they can’t even make it to our targets. Thursday/Friday’s deftly orchestrated short-squeeze went no higher than 857.75, well shy of the 864.75 target that had been our price objective as the week drew to a close. Under the circumstances, it’s probably a good time to mention a very bearish target at 675.50, a Hidden Pivot support shown in the chart. The midpoint associated with it lies at 809.00 (my minimum downside objective at the moment), and we’d infer the lower number is likely to be reached if the futures close beneath the midpoint for two consecutive bars on the weekly chart. Initially, though, 809.00 looks like it will be a great place to play for a bounce, so keep your bulletin launcher switched on if you’d like to be apprised in real time if and when the opportunity arises. ______ UPDATE: The futures subsequently got short-squeezed to 865.75, one point above our target, but bears kept their cool and the tide of hysteria quickly receded. (Note: If you shorted there on your own initiative with a tight stop-loss, you could have booked a one-day profit of as much as $1600 per contract, covering at the subsequent low, 832.50.) As of 1:30 a.m. Tuesday, a so-far weak bounce threatened to goose the bears once again by reaching 852.25, a midpoint pivot. If it’s exceeded, we’d be forced to concede that more upside over the near term to 872.00 is not merely possible, but likely.