The 1146.50 target proffered here last week implies the futures will rally at least 26 points between now and New Year’s Eve. A lesser target at 1132.50 is still short-able with a stop-loss as tight as 1.00 point. However, trading the rally to that number is preferable, even if it will not likely br possible to do so with risk:reward fixed in the 1:3 ratio that guides all of our trades. Another way to look at it is that the rally is likely to continue pulling back by at least several points following each new marginal high of 1.00 point or so.