The futures are trading exactly where they were two weeks ago, although they’ve burned a ton of fuel going nowhere. We’d have thought that a run-up to an 1159.75 target signaled on Tuesday would have been unavoidable, but so far, even under the duress of short-squeeze hysteria, it has been avoided.  Since stocks appear to be capable of marking time on bad economic news, however, we can only surmise that the first mote of good news will “actualize” shorts so as to produce the all-but-inevitable squeeze to 1159.75.  Camouflage aficionados should look to board a small abc up-pattern once the 1143.50 Hidden Pivot midpoint of a larger one has given way slightly. If, on the other hand you’re hoping for the worst, a fall to 1125.50 is possible if 1141.75 has not been exceeded to the upside first. Its sibling midpoint at 1133.50 can be bottom-fished by night owls with a three-tick stop-loss, but your edge will thin as dawn approaches. ________ UPDATE (10:17 a.m. EDT): The futures have been short-squeezed to modest gains after having failed to make any new lows overnight.  The not-very-ambitious target at 1159.75 remains valid, although one cannot help noticing that DaScumballs have achieved precious little loft this morning on ostensibly positive economic data. Once more, the profound underlying weakness of a market that continues to go higher nonetheless is its salient feature.