The futures have opened Sunday night with a subdued lurch higher. They’re up eight points at the moment, trading near their highs, but that’s enough to leave the 2721.50 target we’d used to stay on the right side of the trend in the dust. The next significant Hidden Pivot resistance lies at 2750.25 (see inset), and it can serve as a minimum upside projection for the near term. However, it would take only 2744.25 to put the bearish case in serious jeopardy. A print there would exceed a key external peak from March 21, generating a powerful new impulse leg on the daily chart. The bull-market target thereupon would be 2826.25 (A=2533.00 on 2/9) — a seven-iron shot from the record-high 2883.25 achieved in January. Anything above the old high is a potential spot for Mr Market to spring a trap on bulls and short-covering bears. If so, we’ll have a fighting chance to be ready for it.
