We will watch a 1281.75 hidden pivot in the S&P futures, with an eye to shorting the market. Last week’s strong rally has not retraced deeply, but a one-off A from Wednesday (1183.00) and Friday’s decline give us something to work with. The 1281.75 midpoint is less than eight points below the three-month high of 1289.25 made in late October. Absent a larger retracement which forces us to recalculate our targets, traders should use a stop not below 1282.75 in shorting this midpoint. (Posted by Doug “harry” McLagan)
