I’ve selected a somewhat unconventional pattern from among several possibilities, but it’s the one that I expect to produce the most precise short-term top. It portends a move to 1278.50 over the near term, meaning there’s nearly $14 of theoretical upside remaining to justify getting long from these levels. There were no opportunities to get long ‘mechanically’ on Wednesday once the futures blew past the red line, a midpoint Hidden Pivot at 1257.70; only ‘camouflage’ remained to us as an appealing entry tactic. That is still the case unless a swoon brings the futures down to p. A ‘mechanical’ bid there would take a 1250.70 stop-loss.
