Thursday’s entertaining effusion of stupidity, chaos and bravado raised my rally target a smidgen, to 2512.00. The target is shown in visual context in the accompanying chart (see inset). The end-of-day move through the red line, a midpoint Hidden Pivot resistance at 2503.00, suggests there is a very strong likelihood the target will be reached, presumably overnight or in the early going Thursday. Don’t expect much more than that, however, since many traders will be away from their desks because of the Rosh Hashanah holiday._______ UPDATE (Sep 22, 9:30 a.m.): So much for the 2512.00 target, which has been negated by a drop beneath the bullish pattern’s point ‘C’ low. The futures have fallen yesterday and this morning, so far unconvincingly, and I have my doubts that last week’s sideways scuddle ten points above these levels will have marked the final top of the bull market.
