The futures did all their correcting before the opening bell, allowing DaBoyz to short-squeeze the S&Ps on thin volume back up to an important trendline that has seen a lot of action in the last few days. The overnight low at 2080.25 occurred a single tick from the target shown in the inset — and notice that it did not even fill the gap left by Monday’s short squeeze. The fact that it occurred when most traders in the U.S. were still sleeping demonstrates that it’s hard to make money working this vehicle even when you know exactly where it’s going.

With all the head-butting lately, it seems unlikely the futures will simply relapse into a funk. Instead, look for a pop to a new all-time high at 2121.00, a fetching minor Hidden Pivot target. Getting long will be catch-as-catch-can, but night owls should keep in mind that the breakout above Tuesday’s highs and the trendline would stir up hysteria that can be easily managed — and leveraged — via the ‘camouflage’ technique. Stay close to the chat room if you want to learn how. ______ UPDATE (10:41 p.m.): The futures got more than halfway to 2121.00 yesterday with a thrust to 2114.50 intraday.  There was no mention of my target in the chat room, so I’ll assume no one took advantage of it. It remains nonetheless as a logical minimum rally objective for the near term.  If it is easily exceeded, that would be bullish for next week.