Thursday’s swoon was bearishly impulsive on the hourly chart, but shorts got drilled so badly by the rebound that they are likely to panic on Friday and squeeze the futures to new record highs. If so, you should use the pattern shown to get a precise handle on this vehicle. The stall at day’s end precisely at the 2473.25 midpoint Hidden Pivot resistance implies that the next upthrust will hit 2489.50 exactly. Either the green line or the red one can be used, possibly by night owls, to set up a ‘mechanical’ buy, provided you are familiar with the tactic.
