Switching to the June contract, we discover a short-term rally target at 2403.00. There are no significant differences relative to the March contract — other than that Friday’s upthrust did not quite touch June’s 2377.00 midpoint pivot. However, it came close enough for us to infer that pattern and its four Hidden Pivot levels — x, , p, p2 and D — can be used to trade this vehicle and precisely gauge the trend strength. Presently the futures are on a ‘mechanical’ buy signal from 2364.00 that triggered Friday on the pullback to the green line. If the line should be hit again, I would not recommend trying to get long there belatedly. For those who are patient, the next such opportunity could conceivably come on a pullback to the red line, a midpoint pivot, but only after it has been decisively exceeded for at least a few bars. Looking at a much bigger picture, note that a rally could hit 2403.00 without exceeding the potentially very important target at 2404.30 that is billboarded above in The Morning Line. It was missed by two points on the last run-up two weeks ago, and I still believe it has strong potential to mark the top of the bull market begun exactly eight years ago. ________ UPDATE (Mar 14, 5:15 p.m.): Today’s soporific price action left the forecast and guidance above unchanged.
