The futures have shown slavish obedience to our price targets, moving precisely and more or less predictably in the last few days from one Hidden Pivot resistance to the next. Yesterday, we used the 2058.13 pivot shown (p2 in the inset) to forecast the intraday high within less than two ticks. It is just as predictable that if the futures exceed p2 by at least 3-4 points today, they will be on their way to 2080.50, where I expect a tradable top of at least short-term significance to occur. As a practical matter, it could still be risky shorting there, since the trading session ahead of the three-day Christmas holiday will end at 1:00 p.m. Eastern. Best bet: a ‘mechanical’ buy on a pullback to p=2058.13, stop 2051.00, after p has been exceeded by 3-4 points for at least three price bars. I’ve sketched this hypothetically for your further guidance.
