The 2634.00 rally target shown in the chart (see inset) lies between two previously given Hidden Pivot resistance points. Those levels could conceivably show stopping power, but use 2634.00 as a minimum upside objective for the near term, or 2636.50 if any higher. I am not recommending getting short because there are so many places within a tight cluster of pivots where a short-term top could occur. Their mere existence implies that if buyers can push easily past them and close above 2640, the rally may just be getting warmed up. _______ UPDATE (Jan 16, 8:10 p.m.): The futures sold off in the final hour after getting within eight points of the 2634.00 target. It remains valid nonetheless, but seeing this rally through will require more patience than has been demanded of us in the past. This is a feature of bear-market rallies, when, in certain phases, those who manipulate stocks are tasked with the delicate distribution of shares when the only significant source of demand for them is short-covering bears.
