Although the futures have struggled without success for more than a week to reach the relatively modest rally target at 2126.25 we’d set for them, they’ve been moving too easily through lesser Hidden Pivot resistance points to suggest that bulls are even close to exhausted. More likely is that the futures have been basing for an ambitious push past 2118, near where the S&Ps have made a series of tops stretching back to May. We’ll stick to our game plan in any case, trying to catch a leg or two north in order to build a profit cushion for getting short at 2126. A bull trap from that price has the potential to reverse spectacularly, since it would represent a marginal new record-high for the S&Ps. For now, we’ll focus on ‘mechanical’ buying opportunities from either p=2062.50; or from p2=2094.25, a key ‘secondary’ pivot that has yet to be penetrated decisively. _______ UPDATE (November 30, 8:25 p.m. EST): No change. Monday’s dithering failed to punch through 2094.25, but the fact that the futures were able to rally at all left shorts jittery and defensive. Barring any truly world-shaking news, they’ll be in there buying stocks higher on Tuesday.
