Friday’s $24 upthrust, encouraging though it may have seemed, failed by a little more than $2 to surpass a key short-term peak at 871.40. If it had succeeded, that would have created a promising new impulse leg on the intraday charts. As it stands, and unless 871.40 is breached, the burden of proof over the near term will remain with the bulls. Specifically, a bearish, 821.10 target will remain in effect, as well as an 846.25 midpoint. A close below that last number, or a decisive move below it intraday, would raise the odds of 821.10 being reached soon. _______ UPDATE: Our target nailed the low of a $34 decline within a dime. Thereafter, the subsequent bounce of (so far) $5 would have allowed a stress-free exit on partial profit-taking, or a generous trailing stop on a single-contract position.