Two weeks after touching a long-term Hidden Pivot target at 234.82, IWM remains well below it, even after a quintessentially phony short-squeeze on Friday minutes before the closing bell. The rally would begin to look interesting if it can surpass last Wednesday’s peak at 221.33, but until that happens the burden of proof will lie with bulls. Each pullback on the intraday charts would need to produce a rally exceeding a prior peak on the hourly chart for new record highs to start looking credible. Above the one at 221.33, they lie respectively at 226.75, 228.60 and 232.93.