The 1134.50 rally target that has served us so well for months is not technically in play for trading purposes until the futures put a lesser Hidden Pivot at 1111.90 behind them.  Monday’s punch-through high at 1111.70 obviously didn’t do that, but it would take only 1113.10 or so intraday to get the job done.  To that end, yesterday’s leap to nowhere, gratuitous though it may have seemed, was constructive in that it demonstrated that the futures are having more trouble going down than up. Note in the accompanying chart how the corrective abcd reversed from three ticks below its HP midpoint.  There is mild weakness implied in this action, but it is probably merely corrective, since the 30-minute rally that followed exceeded an “internal” peak, creating a dueling effect.