Don’t ever think you’ve killed the Hydra by lopping off one or two of its ugly, smelly heads, no sirree. Yesterday’s buyers, insensate as ever, were manifestly untroubled by world events, and so we’ll have to assume it’s going to take more than a little blood on the streets of Cairo to cause them to back off for more than a few hours. Still, because there are no gimmees in the world of Hidden Pivots, we’ll accept nothing less than a high exceeding Monday’s pre-swoon peak at 1299.50 as a sign that bulls are back in charge, much as they have been for the last 23 months. As of around 11:20 p.m. EST Monday, the March contract had slightly exceeded the 1288.00 Hidden Pivot target of a minor ABCD pattern on the hourly chart. This was reason for a moderately bullish bias for the very near-term, but traders will need to drill down to the five-minute chart to find camouflage cover.
