A 1353.00 target that I’d drum-rolled here precisely contained the spike top of yesterday’s opening-hour short-squeeze, but I have my doubts it will hold for long. For one, when we looked at ES’s intraday charts during yesterday’s impromptu trading session (recorded and viewable below), we discovered that the retracement abc’s were not reaching their midpoint pivots. And for two, bears will still have to face a firing squad when details of Greece’s latest, phony bailout hit the tape after a vote this weekend. Because the 1353.00 target was several weeks in coming, we might expect it to repel bulls for perhaps 3-4 days if stocks are bound still higher. But if ithe Hidden Pivot is obliterated just one day after first being touched, I would take that as a sign that DaBoyz are planning to move this market significantly higher.
Although I provided guidance yesterday for subscribers who mentioned in that chat room that they’d gotten short, I did not establish an “official” tracking position because it would have been impossible to get short using ‘camouflage’ as I’d advised. I’ll suggest nothing further for today, but if the futures blow past 1353.00, the next Hidden Pivot with potential stopping power lies at 1362.50. This number comes off the daily chart, and although the A-B impulse leg is less than stellar, the target itself should be considered good enough for government work. _______ UPDATE (2:01 p.m.): That 1353.00 target is holding up better than I’d expected, what with the news that all has not been made to appear hunky-dory in Europe. Hard to tell why the agreement on Greece is stalled, but it still seems like a bad bet that They are going to let the country go down in flames. It is not Greece They care about, of course, but banks holding Greek paper. For perspective on how much of it they hold, check out Seawolf’s link in the forum by clicking on ‘Comments’ just beneath the Commentary headline. Click here for details concerning the upcoming Hidden Pivot Webinar, where you can learn to do this stuff yourself.