With the futures in record-high territory, we want to remain alert to even the slightest directional changes, since this would be such a great place for Mr. Market to spring a wicked bull trap. The clearest pattern we have to monitor the subtle interplay between bulls and bears at these levels is the one shown. It points to a potentially short-able top at 2125.50, although a move to that Hidden Pivot would not become likely until such time as its sibling midpoint pivot at 2114.25 has been decisively exceeded. There are potentially at least three trading opportunities here: 1) a ‘mechanical buy’ at 2114.25, stop 2110.50, after the futures have traded decisively above the red line (i.e, by ascending into the approximate range 2118.00-2120.00); 2) a ‘camouflage’ buy once p has been exceeded even slightly; and 3) a short from 2125.50. The last trade is recommended in particular to those who have made on the approach. _______ UPDATE (April 28, 12:20 a.m.): It is short-term bearish that the futures couldn’t even rise to the challenge of reaching the modest rally target at 2125.50 given above. However, bears seemed to have little more energy, since they couldn’t sell off this brick to 2097.00, the most immediate Hidden Pivot support below. If Apple can’t improve on Monday night’s performance, however, we might see bears put more than a little more energy and enthusiasm into the task today.
