The Dow’s Next 418 Points

The Dow finished with a modest gain of 57 points on Tuesday, but it took a 190-point short squeeze reversal off a weak, deftly engineered opening to accomplish this.  Much as I’d like to diss the rally, noting that it failed to generate a bullish impulse leg on the hourly chart, it has enough good things going for it technically that it must be respected.  Even so, I’d be looking for a potentially very important top at 22283, implying a 418-rally from current levels — especially if this Hidden Pivot target is achieved simultaneously with an extremely important one in AAPL at 168.33 that lies a little more than $5 above.