An ostensible cream-puff-of-a-Hidden Pivot at 1163.25 is proving to be more than a little challenging because of a structural resistance at 1160.75 created a while back, during last spring’s landslide.  We’d be forced to respect this toothsome bear rally if the peak is surpassed, even if it takes another ten days to do it. The big picture is shown in the daily chart reproduced alongside. ______ UPDATE (11:18 a.m. EDT): We hold no position officially, but if you shorted 1163.25 (as someone in the chat room evidently did) with a stop-loss as tight as three ticks, the trade was a winner.  Half might have been covered as early as 1160.25, but I’d suggest a trailing stop based on impulse legs on the lesser charts for what may remain.  If you shorted four or more contracts, hold one or two for a possible grand slam.  That said, the move above May’s 1160.75 peak puts the burden of proof on bears’ shoulders. The fact that stocks are resisting falling — as they nearly always do any more — while gold and silver are getting pummeled, is further evidence that higher highs are coming for the broad averages.