We’ve been demanding that bulls prove their case each step of the way, so yesterday’s stall three ticks beneath the red-line resistance — a midpoint Hidden Pivot at 1252.00 — wasn’t quite the impressive demonstration we were looking for. The good guys will have another chance to prove their mettle today, but let’s stipulate that the futures must close above 1252.00, or trade more than $2.50 above it intraday, before we infer that a run-up to at least 1280.70 is likely.
