In Hidden Pivot terms, even on the hourly chart yesterday’s rally was insignificant. Rallies with genuine promise typically exceed two prior peaks before taking a breather; so far, this rally has exceeded none. That would change, however, with a relatively modest, uncorrected thrust exceeding 1978.25, the second of two peaks needing to be breached to generate a bullish impulse leg on the 60-minute chart. That would put the futures well on track for a move to new record highs. The rally would be tradable, of course — most efficiently on a pullback from just above 1978.25
