The rally blew past a 2085.00 target I flagged here yesterday, implying that a pattern of larger degree is driving the move. It is shown in the chart (see inset), and although I doubt this short-squeeze will reach the 2130.75 terminus, buyers shouldn’t have much difficulty achieving p=2093.75, or perhaps even p2=2112.25. Either one of these Hidden Pivots can serve as a launching pad for a ‘mechanically’ initiated long position. Also, the lower number can be shorted, stop 2094.25, provided you’ve caught the ride to it. ______ UPDATE (8:22 p.m. EDT): A ‘mechanical’ buy at 2093.75 is in good shape Wednesday night, since the futures have rallied 10.50 points so far, to 2104.25, after pulling back just 2.50 points beneath the suggested entry prices. For now, tie what remains of any position to a trailing stop or an impulsive one that would allow you to exit with a profit no matter what. My immediate price objective is 2112.25, but save a small piece of the original position for a swing for the fences: 2130.75.
