Three weeks of trying, sort of, have failed to push this brick above the modest ‘external’ peak at 1279.40 shown in the chart. It would be premature for us to give up, especially since a mere $9 upthrust from current levels would do the job. That would turn the hourly chart bullish, but we’ll wait for it to happen before we breathe a sigh of relief. Not a big sigh, though, since the daily chart still looks menacing and provides ample reason to fear a drop of as much as $104 points at any time. Alternatively, it would take a print at 1287.60 to trip a theoretical buy signal on the ‘daily’. _______ UPDATE (Oct 30, 10:16 p.m. ET): Friday’s encouraging leap fell $2.20 shy of our 1287.60 benchmark, but it left the futures in good position to achieve the 1289.10 target shown — and then some. If the rally pushes easily past that Hidden Pivot, it would be bullish, but the December contract would then need to rally a further $42.60, topping an 1331.50 ‘external’ peak from 9/30, to generate a fresh bullish impulse leg on the hourly chart. _______ UPDATE (Oct 31, 9:16 p.m.): Today’s dipsy-doodle generated a mechanical ‘buy’ signal at 1274.60, stop 1269.70. Let’s see now whether bulls can score from the three-yard line.
