Although Friday’s weakness shifted my targets somewhat lower, the futures ended the day on a buy signal projecting to 162^23, or perhaps 164^13 if any higher. These are the respective midpoint and ‘D’ pivots of the pattern shown, the first significant rally off mid-February’s oversold lows. Although it’s too early to judge bulls’ vigor, if they are about to power this vehicle to significant new highs the Hidden Pivots identified above should give way easily, meaning within perhaps 2-4 hours after first being touched. A major trend-change would have upside potential to as high as 173^26, a Hidden Pivot subject to midpoint resistance at 166^10. These price points come from the hourly chart, going back to a point ‘A’ low on December 24 at 156^09.
