The futures did yesterday what we should have expected them to do if they are bound for new all-time highs. The 149^16 low occurred just 5 ticks beneath the midpoint support of the pattern shown, giving way to a spirited rebound that, while not yet impulsive on the 480-minute chart, need only push above 152^14 in the days ahead to generate a bullish impulse leg on the hourly. Some may claim to see a bearish head-and-shoulders pattern in gestation, but Hidden Pivot Analysis suggests otherwise — as you can see for yourself in the accompanying chart.
