Thursday’s humdrum price action got nowhere near the 2384.75 rally target we were using (although it’s still valid). Bulls will have another chance on Friday to strut their stuff, but I’ll suggest using the much less ambitious target shown, at 2357.00, to finish out the week. Because the futures pulled back precisely from the pattern’s 2346.88 midpoint pivot, we should expect them to do likewise if they get to 2357.00. As always, Hidden Pivot levels x, p and p2 can be used to set up trades. A run-up to 2357.00 would become an odds-on bet if p is decisively exceeded to the upside, especially early in the session. Alternatively, if the futures shock by going lower, look for a tradable bounce from at 2334.25, or 2332.50 if any lower. ______ UPDATE (Feb 20, 11:22 a.m. EST): The futures missed my target by a single tick — but don’t worry, I’m not losing my touch. It happened before I could send out to you Sunday evening the new target required by Friday’s gratuitous dip, which exceeded the previous day’s low by a single tick. That lowered the target to 2356.75 — precisely equal to this morning’s high. (See inset, a new chart that was prepared last night. I was unable to publish it because my WordPress publishing tool was temporarily indisposed).
