The futures spent most of Monday doing the hokey-pokey with the 2175.25 midpoint resistance shown. This tells us clearly that if and when buyers break decisively above this Hidden Pivot, the December contract will be headed for a potentially tradable top at D=2202.75, give or take a few ticks. However, if buyers tire of all the head-butting and take the path of least resistance lower, this vehicle could fall quite a ways before picking up ‘structural’ support from the key low at 2078.25 recorded a week ago on the way up. It is only after they fall below this level, though, that bulls should start to worry, at least about the near term, since that would suggest the entire ‘Trump rally’ is in danger of getting erased. Traders should be cautious about taking a signal in either direction, since even promising camouflage set-ups were getting stopped out on Monday by the unpredictable mischief of humdrum price action.
