Two weeks of range-trading have sapped my enthusiasm for trying to get short at a potentially important top. Last week’s high fell nearly five points short of the 1412.75 Hidden Pivot I’d had in mind, and the duel between bulls and bears since has been too feeble to care about. To be sure, bears held a small edge when trading drew to a close last week. But bulls could parry with a mere 5-point rally that would even things up. The chart shows what this would imply, but also a potential ‘camouflage’ opportunity from the long side for nimble pivoteers.
