We caught a nice move yesterday after the futures popped on the opening to exactly where we might have wished. This was a lucky break, and we were able to take advantage of it by going long on the next leg up. The reason the trade worked so well was that  the second half of the rally took off without much of a pause, and we were ready for it.  If you were impressed by the 40-point thrust, take a look at the chart to see how feeble it was relative to the downtrend that has dominated for so long. It would have to go another 125 points to turn the daily chart bullish. That said, it would take merely a print at 724.50 today to turn the hourly chart quite bullish, since the implied rally will have exceeded two “external” peaks at 723.75 (March 4) and 724.25 (March 2).  This seems likely and should temper any bear’s enthusiasm for getting short at the moment.  Immediate potential thereafter would be to 736.50, a minor Hidden Pivot resistance.