A day’s worth of ratcheting short-covering brought the futures almost precisely to the 2035.75 midpoint Hidden Pivot resistance shown. Abetted by nervous bears, however, and even in the almost complete absence of bullish buying, DaBoyz are likely to chomp through it Tuesday night or early Wednesday. That could set up a mechanical buying opportunity, provided there’s a pullback that meets our criteria after 2035.75 has been exceeded by at least 4-5 points. If the futures blow past p or p2 (the pink line at 2058.13) easily, that would indicate that they are likely to achieve the 2080.50 target. I’d be surprised if they get much higher than that this week, no matter how strong the ‘seasonality.’ _______ UPDATE (8:08 a.m. EST): The futures have most surely broken out above p=2035.75. However, there was no ‘mechanical’ entry opportunity because they did not return to ‘p’. Sometimes we can initiate the trade nonetheless using ‘camouflage’. In this instance, however, there were no such opportunities even on the very lesser charts, since no ‘external’ peaks were surpassed. _______ UPDATE (4:53 p.m. EST): The futures are moving with startling precision to our Hidden Pivot targets. Today’s leap went to 2057.75, less than two ticks from the p2 resistance given above. A ‘mechanical’ bid attempting to get in at the bottom of the rally would have missed by a few ticks, but we can adjust by relaxing our bids slightly when we’re confident the next pivot above will be reached.
