The broad averages swooned on Thursday after coming within inches of some important Hidden Pivot rally targets subscribers have been using for a while. Buyers looked poised at the close to ram these impediments into oblivion come Friday, but I won’t be ready to throw in the towel until I’ve seen another day or two of price action. As I’ve noted elsewhere on this page, a head-fake from these levels would be Mr. Market as his diabolical best, since the hook, a breakout to new all-time highs after Thursday’s v-shaped reversal, would turn virtually everyone bullish, most particularly bears scrambling to get shorts back.  Incidentally, the day’s ups and downs left a famous indicator used by my colleague Peter Eliades in limbo. His ‘Sign of the Bear’, which is seven for seven calling major tops, was just a hair from triggering on Thursday. We should know by no later than Monday whether it has flashed red. In the meantime, you can click here for a detailed explanation of this indicator. It originally appeared as a column I wrote for the San Francisco Examiner just before the Dot-com Crash. _______ UPDATE (Oct 29, 11:04 p.m.): A short-covering rally late Thursday night to new-record highs will likely have have neutralized ‘The Sign of the Bear’ by the time you read this.  My new, near-term targets for the E-Mini S&Ps (see below) go as high as 2619.75.