I remain skeptical toward this rally, although it certainly wouldn’t be a bad thing if it were to get legs and delivers us a fat short at higher levels. My hunch is that the broad averages will retrace at least half of the downdraft from the June 1 high, 1347.75.  In any case, because it is proceeding from almost precisely where Hidden Pivot analysis had predicted, we should trade with a bullish bias for the time being. There were no compelling camouflage opportunities as we went to press, but night owls may find things to do on the 5-minute chart if subtleties like the one sketched materialize.  (Want to learn how to reduce entry risk to a bare minimum using the Hidden Pivot camouflage technique? Click here for information about the upcoming webinar.)