Thursday’s bounce precisely from the midpoint Hidden Pivot at 1262.80 is somewhat bullish, but it would become much moreso if the futures were to continue their ascent, exceeding the 1282.50 point ‘C’ high of the downtending pattern from which 1262.80 was extrapolated. Were that to occur, traders could buy a breakout above C without worrying too much about having to use a ‘camouflage’ entry or some other such risk-reduction tactic based on the Hidden Pivot Method. Alternatively, a relapse exceeding 1262.80 to the downside would augur more slippage to at least 1252.95, or possibly to 1243.10 if any lower. ________ UPDATE (May 15, 5:20 p.m. ET): Friday’s asphyixiating humdrum changed nothing in the short-term picture, let alone the longer view.
