The S&P 500 Index ended the week in a very crucial spot, just inches from a Hidden Pivot ‘midpoint’ resistance at 2544.07 (see inset) with the potential to stop the bull in its tracks. This is not what I expect, however, nor is it even a good bet, considering that buyers have been chugging blithely higher for eight-and-a-half-years. Even so, we shouldn’t reflexively assume the resistance will be overcome, let alone easily. It could prove to be a daunting obstacle, and that’s why I’ll suggest starting the new week on the sidelines. We should pay particular attention to any downtrending abc patterns that develop on the lesser charts. If they should start exceeding their ‘d’ targets, that would shorten the odds that a top of at least intermediate-term importance is in. Alternatively, a lurch higher would likely get to 2605.06 before we could expect to see resistance; and thence 2911, with a best-of-all-worlds run-up to 3278.03 in 2018 or 2019.