We could see a bearish divergence if the E-Mini S&P pushes past a 1208.00 peak noted in today’s tout but the Indoos do not do likewise. “Likewise” in this context implies nothing less than a 749-point rally, since that’s what it would take to create a bullish impulse leg on the weekly chart. If this is what in fact occurs, we might let our own “Dow theory” dampen our expectations for a runaway short-squeeze, post-elections. A recalcitrant Dow would not only argue against it, it might be the very force that restrains the S&P 500 from going crazy.