Two Hidden Pivots, each with the potential to produce a major top, lie not far above at, respectively, 12356 and 12412. The provenance of both is shown in the accompanying chart, and it leaves little doubt that serious resistance is going to be felt at or somewhere between those two numbers. We’ll be looking to get short any way we can, so stay tuned for updates here and in the chat room. ______ UPDATE (Thursday night): Short either target with an offer two ticks below the pivot and a stop-loss as tight as seven ticks. _______FURTHER UPDATE (2:29 p.m. EST): My 12356 target was close to a dead-center bullseye, since it nailed the high of today’s so far 67-point rally within a single tick. If you were able to get short, partial-profit taking was in order, since the pullback so far has achieved a low of 12327. You’re on your own from this point forward, but you should take steps to ensure that no matter what happens you’ll reap at least a small profit. Multilot entries should retain at least a small portion of the original position for a possible grand slam. Keep in mind, though, that there is still one more rally target to go, so odds favor the position’s being stopped out.
