Price action became tedious and labored last week in the days following Monday’s ferocious short-squeeze, but there should be little doubt that our minimum rally target for the near term, 2405.13, will be achieved. It’s what happens after that that will matter most, since a decisive push above the pivot within 2-3 days of its first being touched would signal a likely follow-through to as high as 2492.50. Odds of reaching the target would shorten somewhat if index futures open with a lurch higher Sunday night at or above a minor bullish tripwire at 2385.50. Still more encouraging would be a close above 2392.75, the midpoint Hidden Pivot resistance of a minor bullish pattern on the 15-minute chart (A=2365.75 on 4/24). _______ UPDATE (May 4, 4:28 p.m.): Yet again, there is no change in the immediate outlook. Zzzzzzzzzzz.
