The rally is suspect because it is occurring from a bottom $6 below 1532.70, the lower of two Hidden Pivot targets given here yesterday. Even so, we’ll go with the flow — will faintly celebrate the flow, even — if buyers can push this erstwhile cinder block above 1564.40 today. That’s not asking much, but as you can see in the chart, it would create a promising impulse leg on the 180-minute chart. The key here is that the rally be unpaused, with no ‘b-c’ pullback once it has exceeded peak #1. Late-night note: shortly before 2 a.m., the futures were working on a camouflage-worthy rally that projects to 1559.00. On the 15-minute chart, the coordinates are: A=1534.00 (5/16 at 4:45 p.m.) and B=1549.30 (9:15 p.m.). The 1551.40 midpoint has been exceeded by two ticks, which may be enough to hasten this vehicle to 1559.00. Want to learn how to do this stuff yourself? Click here for information about the upcoming Hidden Pivot Webinar on June 6-7.
