The bullish case would be strengthened considerably if the futures can push above the 1362.30 peak shown without an intervening pullback of $59 or more. That would generate the first bullish impulse leg we’ve seen on the daily chart since the August high, 1433.70. Note that this vehicle has been moving very precisely in relation to our Hidden Pivot benchmarks. For one, this year’s bull trend came from a low in early January that was just $1.20 from the 1182.60 target shown. More recently, as noted here earlier, the 1279.80 high recorded on Sunday night 1279.80 missed a ‘D’ rally target by less than 1.00.
From a trading standpoint, camouflageurs could try entering on a pullback from just above 1257.80. That is where an obscure but technically important external peak lies. It was created on the way down yesterday and is visible on the 5-minute chart at 9:35 a.m. EST. One final note: If the rally is going to fail, the 1272.45 midpoint is a logical place for this to occur. It was exceeded Sunday night by $7, but the futures have now fallen below it and appear to be having difficulty mustering another charge. _______ UPDATE (10;23 p.m. EST): Yesterday’s crazed action saw the futures abort what had looked like a near-certain run-up to the 1274.80 target of a minor rally pattern. The target remains viable, but the futures need only surpass an external peak at 1272.50 recorded on Monday to refresh the bullish energy of the hourly chart.