I’m going to interpret this vehicle’s immediate prospects as conservatively as Hidden Pivot rules will allow, paying close attention not to the big picture, but to the small one as defined by impulse legs on the daily and hourly charts.  Right now, on the daily, the futures are in the process of forming an impulse leg that could eventually generate a follow-through C-D leg of as much as 26 points.  It could be far more powerful, however, if buyers vault 1208 today, since that would open a path to a 40-point rally after this one has corrected.  The accompanying chart shows the narrow segment of price bars that are relevant at the moment.  By applying the rules rigorously, I aim to avoid getting fooled at this very crucial threshold, and to never be “wrong” about the trend for more than an hour or two.  The accompanying chart shows subtleties that can only be explained with a very lengthy text that would bore you to tears.  I have reproduced it nonetheless so that experienced Pivoteers can get immersed in the logic of it.  I warned here earlier that bears had better prepare to hibernate if 1196.50 is exceeded, as has occurred. However, I am unwilling to give bulls the benefit of the doubt unless they earn it, and even though QEII may turn out to be a catalyst for Dow 20,000, however implausible that may seem.