The 1264.00 target we’ve been using for about the last ten days remains viable, especially after yesterday’s pullback precisely to the midpoint Hidden Pivot support at 1217.50. If you bought the retracement, as I often advise, stick with it, since 34 points of upside potential remains between current levels and the target. A ‘mechanical’ buy at 1217.50 would have dictated a stop-loss at 1201.00, assuming risk:reward held constant at 1:3. In practice, a stop-loss as tight as two ticks would have worked, since the futures never traded yesterday below the midpoint itself. _______ UPDATE (January 15, 8:43 a.m.): Surprise surprise: The March contract surged $30 this morning, peaking so-far at 1264.60, an inch from the target we’ve been using since…forever. This target is not chopped liver, as I like to say, and so any progress above it — and the sooner, the better — the more encouraged we should feel about what’s next.
