Sellers pushed the futures well below a clear Hidden Pivot support in the heat of yesterday’s steep selloff, implying that another leg down is likely. However, the short squeeze that ensued was quite nasty and threatened to cause bears even more pain as the night wore on. The pattern shown is the only one available at the moment for gauging the rally’s strength, so I’ll suggest paying close attention to the way buyers interact with the midpoint resistance at 2919.50. An easy move past it, especially one surpassing the 2924.00 ‘external’ peak would, be warning bears to seek cover.
