Thursday’s rally leveraged the short squeeze begun a day earlier, pushing above a key ‘external’ peak at 2474.00 and re-energizing the hourly chart.  It now seems likely that the futures will exceed the old all-time high at 2487.50. Everyone is a bull at this point, especially shorts caught in the ringer, and the futures may therefore turn too diabolical to trade via any night-in-advance set-ups I could offer you.  Nonetheless, I am engaged by the prospect that the rally, once it reaches uncharted water, will culminate in an epic bull trap.  I will be watching closely for signs of this on the very lesser charts, so stay tuned. The first place we might look for the trend to fail is at the 2494.00 Hidden Pivot target shown (see inset). ________ UPDATE (Sep 5, 9:51 p.m. EDT):  Short-covering bears recouped about half of yesterday’s losses during the second half of the session, but I’m as curious as you are about whether the effort may have exhausted them.  Any attempt on Wednesday to rally this vehicle will need to exceed Tuesday’s 2471.25 peak by mid-session or it’s liable to turn mighty heavy.