Buyers head-butted structural resistance all day long, unable to muster the modest push it would have taken to reach the 1329.75 target given here yesterday. They were getting second wind in after-hours trading, however, exploiting the absence of sellers that is typical for this time of day. The target remains valid but holds no special value for us either for trading purposes or forecasting. If it is exceeded by more than a few ticks, however, look for more upside to a somewhat higher Hidden Pivot at 1333.25. _______ UPDATE (7:49 a.m. EDT): The futures topped precisely at 1329.75 overnight. If you got short there on your own initiative, I’d suggest covering half the position now at 1323.25. The pullback has somewhat exceeded a 1321.75 target defined by the pattern (on the 5-minute chart) a=1329.75, b=1324.25 (5:50 a.m.) and c=1327.25, for d=1321.75. A new and very minor bearish pattern has developed since with a 1318.50 midpoint and a 1321.50 ‘d’. This is small stuff, although the numbers are nonetheless tradable via camouflage — or if bottom-fishing, via straight bids and three-tick stops.
