The futures made mincing, tortuous progress yesterday toward 1477.50, a Hidden Pivot target that has grown stale but remains viable nonetheless. Notice in the chart (inset) that Thursday’s peekaboo high narrowly cleared September 25’s ‘external’ peak at 1457.00, creating an impulse leg that portends more strength as the week draws to a close. Crucial to next week’s price action, however, is whether this vehicle can do a little better than reaching the ‘D target of the small, left-most abcd pattern shown in the chart. If it can, surpassing the 1462.25 high recorded on September 21 in the process, it would leave bulls in good position to run stocks higher come Sunday evening/Monday.
