Monday’s maniacal leap brought the futures to within 29 points of the 2809.75 target drum-rolled here earlier.  There is little doubt this Hidden Pivot resistance will be reached, although I expect a potentially tradeable pullback from within a point or so of it. That’s because the pattern I’ve used to calculate the target is so clear and compelling. However, if the March E-mini S&P were to push past the target with ease, that would imply there is significant buying power remaining to be spent.  Regardless, I will be monitoring the lesser charts closely once stocks are again in record-high territory, since anything above the old highs would create ideal conditions for a wicked trap designed by Mr. Market to snare bulls and bear alike. Putting my heightened cautiousness aside, the futures already look like a good bet to reach the 2988.75 target shown. That would equate to a Dow rally to 28245. ______ UPDATE (Feb 27, 7:22 p.m.): The selloff generated a bearish impulse leg on the hourly chart with the futures 20 points shy of a 2809.75 target that had looked like a lock-up. The yellow flag is out and would turn red if the selloff takes out last week’s 2682.00 low.
________ UPDATE (Mar 1, 10:04 p.m.): The breach of the green line is now decisive, implying the futures are bound for a minimum 2615.00, the midpoint Hidden Pivot support of a bearish pattern projecting to as low as 2440.25.