There’s little I can offer you today, since the futures spent most of yesterday correcting the weakest impulse leg I’ve seen since the last groin pull on Dancing With the Stars. In theory, the next pop higher would be to 1208.25, predicated on a breach of the Hidden Pivot’s 1198.50 midpoint. In practice, you’ll have to trade this one catch-as-catch-can using the pattern shown, unlikely as it is to hold. _______ UPDATE (10:34 a.m. EST): With the Fed’s commitment overnight to become the lender of last resort to the Western World, the futures have blasted into hyperdrive. The monster rally, amounting to about 410 Dow points so far, is at this moment inching toward a Hidden Pivot target at 1239.75 that could cap today’s action.
