The E-Mini S&Ps have stalled after topping last Thursday precisely where we’d expected. Assuming they get past the Hidden Pivot resistance, the matter of how long it takes can tell us if there was real strength behind the thrust. Powered entirely by short covering, it occurred in a single day. This is the kind of weak buying that has impelled stocks higher for the last two years. Phony as it seems, and manipulated though it may have been, it is often the way real rallies begin.
