The potentially very important rally target that I alluded to in ‘Today’s Action’ is shown in the accompanying chart. Like so many other interesting charts that come to my attention, this one surfaced serendipitously last night in response to a question asked during the final hour of the Hidden Pivot Webinar. Notice that the intraday high at 1918.00 occurred just three ticks above the target, a Hidden Pivot at 1917.25 that had been six weeks in coming.
In retrospect, and even with Apple on a holy tear, the target was speculatively shortable in small size. This is notwithstanding the fact that I almost never advise taking a position in the final hour. Looking at this chart with mechanical detachment, I’d say that if the futures rally just three or four points above the target, it is kaput. The pattern is so pretty and precise that it should work with that kind of precision. However, an overshoot wouldn’t mean the Hidden Pivot has not ‘worked’ — only that the rally is sufficiently powerful to turn even the hardiest of Hidden Pivot resistances into chop suey.