A minor rally target at 2811.25 has kept us steadfastly on the right side of the trend — profitably so for subscribers who stuck with a ‘mechanical’ trade detailed here Thursday morning. (It triggered at 2770.25 but was too slow to develop to be called an easy winner.) If the target is decisively exceeded, that would shorten the odds of more upside to 2851.75, a Hidden Pivot of larger degree that first appeared here on February 10. The futures have taken an ambitious leap Sunday night to 2803.25, but it’s not possible to say at the moment whether this may have exhausted short-covering for the time being. _______ UPDATE (Feb 25, 5:53 p.m.): Buyers slightly exceeded the 2811.25 target. The 2.75-point overshoot will add slightly to the bullishness of the chart, since a pattern this clean ought to have topped within no more than a tick or two of our objective. First, though, a correction. It could come down to as low as 2763.00 without negatively impacting the picture. _______ UPDATE (Feb 27, 9:54 p.m.): If the engineered swoon to 2775.00 today was the correction, then the futures are headed up to 2818.50 on Thursday. Short there only if you’ve made at least a small profit on the rally. _______ UPDATE (Feb 28, 9:29 p.m.): Zzzzzz. No change.
