Today’s rally topped to-the-tick at the 2149.25 target I had drum-rolled earlier, when the futures were trading 20 points lower. I have not established a tracking position, however — at least not yet — since there have been no reports in the chat room from subscribers who were either long on the way up, or who got short at the top. Since we don’t pretend to have a crystal ball, there is no way of knowing for certain whether the top will endure for a few more hours, or for perhaps weeks, months or even years. We do know, however, that if the futures should push above 2149.25, especially if they do so as soon as tomorrow, they should be presumed headed to at least 2194.00, the next Hidden Pivot resistance in a sequence of rally targets presented here earlier. For the record, the uppermost lies at 2313.50, a major Hidden Pivot that would be a logical place for the bull market to end. More immediately, however, there’s potential profit of as much as $2200 per contract for anyone long for the ride to 2194.00, as well as a the possibility of an opportune short from the target itself. We have a half-dozen ways to get aboard, most of them designed to do so with as little entry risk as possible, so stay tuned to the chat room for guidance in real time if you trade this vehicle. _______ UPDATE (July 13, 8:45 p.m. EDT): The 2194.00 target would be a done deal but for the fact that some trading platforms show slightly different coordinates that yield a 2152.25 target, Wednesday’s exact high. Regardless, the minor pattern shown (see inset, a new chart) can be used by night owls to bottom-fish, since the pattern has been confirmed by some precise hits at the red line. I’d suggest a 2139.00 bid for a single contract, stop 2137.75. If the stop is hit, it would give more weight to the so-far top at 2152.25, even if bears shouldn’t get their hopes too high.
