Friday’s employment news held no clear meaning for anyone, but that didn’t stop the usual suspects from freaking out for five minutes anyway. The tracks they left on the 5-minute chart (see inset) pointed to a further rally to at least 1800.00, but bears shouldn’t count too heavily on that Hidden Pivot resistance to quell the histrionics. Sunday night-owls, on the other hand, may be able to grab this rabid weasel by the tail, since there is an implied seven points of upside to trade between here and the target. The futures could very well get there on the opening bar, so don’t sweat it if you miss the move. The next appealing bull trade would probably have to wait until 30 to 60 minutes before Monday’s opening bell.
