It’s encouraging that yesterday’s thrust exceeded an ‘external’ peak at 1119.00 recorded on July 20 (see inset), refreshing the bullish impulsiveness of the hourly chart. The overshoot was by only a dime — pretty subtle, since it will look like a double top to most technicians other than Elliott Wavesters. But to us the rally was impulsive, and it implies a follow-through thrust over the very near-term to the 1126.90 target shown. The futures will first have to knock off the midpoint resistance at 1114.00, but if they can manage this feat without much effort, you could consider a push to at least 1126.90 a solid bet. Anything exceeding 1126.90 on the first try would be a bullish harbinger for the remainder of the week. _______ UPDATE (5:15 p.m. EDT): So far, so good. A strong rally yesterday brought the futures to 1125.50 — 1.40 from our target. Now let’s see how much stopping power this Hidden Pivot has got. An easy move through it would be very encouraging.
