Yesterday’s nearly 100-point rally qualifies as noise, at least so far, because it did not surpass two external peaks of hourly degree (see chart). That could change overnight or Friday morning, but until it happens we needn’t act impressed. Looking at a bigger picture, the rally would have to hit 1068 to invalidate the 612.75 target broached here yesterday. _______ UPDATE: During an impromptu webinar Friday afternoon, we got to see the hysterical rally fail in real-time when the S&Ps reversed within 1.50 points of a key midpoint pivot at 916.50. The short-squeeze would likely have continued for at least another 48.50 points if the pivot hadn’t but the kibosh on it. However, the subsequent reversal was so nasty that it invalidated the target, 965.00.