Yesterday’s ostensibly fabulous rally suspiciously fell 1.50 points shy of the 1163.25 midpoint target I’d flagged here. A faint hint of chicken-heartedness, perhaps? Rather than diss the effort prematurely, let’s give them another chance today to get past the Hidden Pivot. Meanwhile, by hesitating almost precisely where we might have expected, buyers told us that the futures will go to exactly 1215.00 if and when they blow past 1163.25. From there, all it would take to refresh the bullish impulse on the hourly chart would be a print at 1171.50, a tick above a peak made last Thursday on the way down.
