Yesterday’s rally created an impulse leg on the daily chart, so we don’t want to be too quick to write it off as just another gratuitous ejaculation. Instead, we’ll treat it as the possible resumption of the bear rally begun in early March, with upside potential to as high as 998.50. That would be equivalent to a 600-point move in the Dow, so there is ample reason for us to get in bullish gear now rather than spectate with disdain and vitriol in our hearts.
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