The futures rallied as anticipated, hitting 1123.70 intraday to set the stage for a presumptive follow-through on Thursday. The big-picture target at 1143.00 still obtains, although I’m going to adjust it downward slightly, to 1141.90. Traders can use the smaller pattern shown, with commensurately less entry risk, to initiate ‘mechanical’ trades on the way up. You should attempt this only if you’re familiar with the rules governing the strategy, but don’t hesitate to query me in the chat room if I’m there when the futures punch through p or p2. Please note that a fall overnight beneath 1118.20, the point ‘C’ of the pattern, would invalidate the mechanical-trade levels although not the 1141.90 minimum objective. ______ UPDATE (9:55 p.m. EDT): Just a small thrust above yesterday’s 1136.00 high and the December futures will hit the 1143.00 target noted above. (I’ve re-readjusted it. My eyes seem to be playing tricks on me.) This midpoint Hidden Pivot remains my minimum price objective for the near term, but as I’ve tried to make clear, buyers will need to blow past it to demonstrate the moxie to continue on up to the 1188.30 ‘D’ target with which it is associated.
