Last week’s high not only failed by a few points to reach a clear and compelling Hidden Pivot target, it also failed to exceed a small but technically significant peak created in early April at 2975.00 (see inset). The latter shortfall was just ten points, but that’s sufficient for us to infer that short-covering grew less urgent at the top of last week’s parabola. The futures subsequently came down hard to end the week, but the slide did no serious damage to the hourly chart. It did, however, generate minor impulse legs the whole way down, and that’s why there was no compelling reason to cover shorts on the close. Let’s see how they open Sunday night before we speculate as to what is likely next. _______ UPDATE (May 4, 9:34 p.m. EDT): Bears failed miserably yet again to drive a stake through this beast’s heart, and so we should expect more of the same — i.e., another burst of irrational exuberance that seems all but certain to hit the 2860.08 target shown in this chart. Short there with a tight stop only if you’ve made at least $500 on the way up. ______ UPDATE (May 5, 8:36 a.m.): Next stop Willoughby!  Bears had such an easy time of it driving this giddy bag of gas to 2860 overnight that I’ve skipped a point ‘A’ low at 2788.50 (9:45 a.m. yesterday) in order to calculate a potential short-term, end-of-the-line top at 2874.83. Shorting 2860 overnight was the predictable 3:00 a.m. ordeal we’ve come to expect, accessible only to subscribers who live outside of U.S. time zones, but the payoff was as much as $5600 on four contracts. The anticipated correction came from a temporary peak at 2865, implying an rABC set-up would have been less stressful than the tightly stopped short I’d advised. _______ UPDATE (10:05 a.m.):  What on earth could I have been thinking? A possible end-of-line, short-term top at 2875? Such pathetically modest ambitions! Here is the au courant Mother of All Short-Term Tops, at 2914.76: https://bit.ly/2YwN2jg  Peter Eliades is going to love this one.