With almost no buying interest over the course of the week, DaBoyz still managed to maintain altitude. They did so after slightly exceeding a 2811.25 rally target we’d been using as a minimum upside projection. Although I expect the move to hit 2851.75, a Hidden Pivot first identified here nearly a month ago, we can use a lesser target at 2833.25 (see inset) for now. The futures tripped a mechanical buy signal on Wednesday when they pulled back to the green line (2781.60), but I did not explicitly recommend the trade because it looked like it would be a tough slog with some overnight holds. ______ UPDATE (Mar 4, 11:56 a.m.): This is the nastiest bull trap we’ve seen in months — a reminder that DaBoyz have been faking a rally for more than a month with precious little buying power — other than from short-covering. Today’s downdraft has been orchestrated to renew the phony uptrend’s sustainability. The deception was masterfully executed because it allowed DaBoyz to distribute stock and get shorter above Friday’s closing prices for sixteen blissful hours. This will give them room to buy when the shakedown hits bottom.
