Perhaps it will take more than a stake through the heart to kill this institutionally crazed bull market, since, so far at least, it would appear that the steep downturn in corporate earnings and an abrupt end to the Fed-sponsored real estate boom may not be enough to get the job done. Still, there is reason to hope Mr Market is in the early stages of congestive heart failure, or perhaps a stroke, since the S&Ps have yet to take out my 1708.75 rally target — a major Hidden Pivot — after a week of trying.
Another hopeful sign that the bull may be in the process of dropping dead is that the short-squeeze rally that recouped earlier losses yesterday failed to generate a bullish impulse leg on the intraday charts. Dare we hope that stocks will finish the week with a delightfully nasty and well-deserved plunge? If so, look for settlement near the 1674.00 correction target shown. If it happens with a couple of hours left in the session, traders can bottom-fish there with a micro-tight stop-loss commensurate with your skill and daring.