From a Hidden Pivot perspective, there was nothing to see yesterday. Although the futures were up more than $20 at one point, the rally merely brought them to the approximate midpoint of a tedious trading range that has traced out since mid-December. Before we get excited, let’s stipulate that the futures must blow past the two peaks shown without a correction. The #2 peak at 1704.40 is not a true ‘external’ high, but any unpaused thrust that exceeds it and #1 will be good enough for government purposes.
