The short squeeze turned savage last week with a thrust that surpassed not only a ‘secondary pivot’ of daily-chart degree at 4754, but July’s watershed peak at 4738 as well.  This show of bravado all but locked up more upside to at least 4950.00, the Hidden Pivot target of a bull cycle begun nine months ago. The flurry of crazed buying went into overdrive on Wednesday, spurred by a flash of ‘pivot’ porn from Jerome Powell that was subsequently retracted, sort of.  With the S&Ps in a blowoff, we should expect them to reach the target in less time than the month it took to get from p to p2. _______ UPDATE (Dec 20, 11:57 p.m.): When stocks plunge inexplicably as they did this afternoon, it’s tempting to think they are at long last starting to respond rationally to troublesome developments in the real world. Not necessarily. Although the herd may in fact be infected with fatal spores of madness, I am sticking with my ambitious rally target at 4950.00. My confidence is based on the way buyers easily conquered the daunting midpoint resistance at 4559.00 shown in the chart.