The futures turned hard from 0.80 above the 1260.50 correction target we were using Friday to bottom-fish, so officially nothing was done on the trade. The subsequent rally was a doozy, hitting 1282.20 by the final bell. The pattern shown strongly implies the uptrend will continue to exactly 1289.10 if it can push past the midpoint Hidden Pivot at 1282.10. A small and potentially tradeable pullback should be expected from that number, give or take a couple of ticks, but if and when it’s brushed aside we’ll switch to a larger and more significant pattern, with a correspondingly more significant target at 1296.40. We should be prepared to see some stopping power there, but if buyers are able to push the futures more than 2-3 points above it within hours of touching it, we should infer that the uptrend is just starting to warm up. ______ UPDATE (Jun 5, 8:20 p.m. EDT): Today’s clueless tedium changed nothing in my immediate outlook (see above), even if it failed to inspire confidence in a quick push to the very modest target. If and when makes its move, we should want to see buyers blow through the target without hesitation.
