Monday’s low got nowhere near the 2544.00 Hidden Pivot I’d offered as a minimum downside target. Although the futures dove 40 points, to 2602.00, in the opening hours of the regular session, this was simply to inspire fear in bulls who’d had such an easy waft higher overnight. When the June contract finally reversed upward around 11:30 a.m., it went on a 70-point tear that was virtually unbroken by any significant pullbacks. This tells us that shorts are caught badly and that the rally is likely to continue into the night. The 15-minute chart shown suggests buyers will reach at least 2695.00 if they can blow past p=2675.25.
