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Ahhh, the Suspense…

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The S&Ps flirted with new record highs for the sixth straight day, waiting for news that could conceivably be used to squeeze shorts for a few headline inches. Besides the presumptive structural resistance at the old highs, there’s an important Hidden Pivot obstacle that was first mentioned here in early June.  Together they represent layers of supply capable of keeping stocks from soaring into the wild blue yonder.  For now, I’m looking for a marginal new high that could provide an excellent opportunity to get short. AAPL, however, is a wild card. Currently trading for around 463, it looks primed for a thrust to 490. The stock would make an enticing short at that price, but it remains to be seen whether the broad averages will be at or near highs that would offer an equivalent opportunity.

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