We’ve been using an 18.665 rally target for two weeks, and although the futures have made steady progress toward it over that time, the pace has been agonizing. Tonight, even with a boost from news that the U.S. has attacked Syria with cruise missiles, bulls are struggling to maintain altitude. For that reason, I have substituted a less ambitious target at 18.625 (see inset) as a possible trend-stopper, at least for the near term. The pattern is both compelling and obscure, and those traits in conjunction are likely to lend precise stopping power to the Hidden Pivot. If, on the other hand, the futures blow past it with ease, we’ll have a solid basis for maintaining a bullish bias as we trade the move.
