The 871.25 rally target we’ve been using remains appealing as ever, and you can still short there with a stop-loss as tight as a single point. ( If you’re fortunate enough to be reversing a long position when ES gets there, you can widen the stop to 2.50 points.)Note: The first hint that the bullish target might not be reached would come on a fall to 839.75. That would surpass two external lows on the hourly chart, creating a bearish impulse leg worth noticing.

I usually try to comment on trading vehicles that have been garnering their fair share of discussion in the chat room, but there isn’t much to say about June Crude right now. It has been trending higher since mid-February, and there is a rally target of sorts at 59.92 that can serve as a minimum upside objective.  While that would eclipse an important peak  at 59.66 recorded at the very beginning of 2009, it would fall shy of a second at 61.33 whose defeat is needed to create a bullish impulse leg on the daily chart.  Bottom line, Crude’s tedious noodling since Christmas has the look of distribution rather than consolidation. A pop to 61.34 would radically change the picture, but for the time being, and unless 59.66 is exceeded to the upside,  the official bear market target will be 30.85, or 26.17 if any lower.

I mentioned elsewhere here today that we might have to adjust our sights upward for this this vehicle if Goldman Sachs shares are about to shoot up 10 percent, above $140.  I doubt the Dow would keep pace, implying a move up to around 8900, but there is a Hidden Pivot resistance at 8569 that can serve as a minimum upside objective if a Goldman-inspired wilding spree really catches on.  Pivoteers please note: The pattern that yields the target is an attractive one, since the ‘B’ terminus of the impulse leg is not a “sausage B”;  indeed, it surpassed a subtle peak to the left recorded in February.