The weekly chart for June E-Mini S&P yields a very promising (i.e., reliable and nicely tradable) pattern. I say this because in late March there was a 20-point pullback from within a single tick of the 1176.75 midpoint. The fact that the pullback lasted only a day, and that the midpoint was left in the dust just five days later, makes it very probable that 1317.25 will be reached. That would represent a rally of 9% from these levels, and the target should be considered a VERY high-confidence number. For me, that means I will tune out any dramatic forecast that calls for a “stock market collapse” at any time now, before the target has been reached.  More immediately, we should still plan to short 1219.25 even though it has taken far too long for the futures to get there and the target is too well advertised. A 1220.25 stop-loss is appropriate. (Some may have noticed that yesterday’s high fell three ticks from a clear target on the 15-min chart: A=1179.75 (4/19), B=1209.50 4/20) and C=1186.25, for D=1216.00.) _______ UPDATE:  After a soft opening, the futures broke sharply on news that Greek’s debt had been downgraded to junk.  The selloff did not even remotely affect our bullish target, but it wll shift the burden of proof to bulls for the time being.