The 1336.50 target that we’ve been using as a bullish lodestar caught the exact top yesterday, although it remains to be seen whether this will turn out to have been the Mother of All Bear Rally Tops.  Officially we hold no short position, since I’d suggested using the Mini-Dow instead because its rally target was more appealing. For tonight and Thursday, look for the futures to fall to at least 1325.25 now that the sibling midpoint of that Hidden Pivot, 1329.00, has been breached. You can bottom-fish the target with a two-tick stop-loss, but if the stop is hit, look for weakness to continue to 1323.25.  That’s a Hidden Pivot, but it is not advantageous for bottom-fishing because it coincides with structural lows recorded on Tuesday.  Alternatively, a pop tonight or Thursday morning above 1334.50 would turn the lesser charts bullish. ________ UPDATE (10:31 a.m. EDT):  Leveraging some phony, meaningfulness economic data out this morning, DaBoyz short-squeezed the futures after the June contract had dipped overnight to 1326.25, a point from our bid.  The most interesting thing about the rally was that it failed to take out yesterday’s 1336.50 high. If Da Sleazeballs are unable to squeeze stocks to a marginal new high on “good” news, this suggests their pulse is weakening.  It seems a foregone conclusion that a new high will be achieved, but the strain of producing it, and others in the recent past, is starting to show.