A small pattern that developed during yesterday’s briefing turned out to have been the best entry opportunity of the day. The subsequent rally reversed early-morning damage, but without engendering a true impulse leg on the hourly chart.  In fact, we need to drop down to the five-minute bars to find a qualifier (see inset) — one with a ‘C’ low that is just a tick higher than ‘A’.  That’s enough to give us an uptrend to calculate, however, and a c-d midpoint at959.00 that so far has stymied the August contract’s recovery. If and when the futures get past it, we could expect the thrust to continue to at least 963.30.  However, if weakness prevails, a Hidden Pivot at 925.50 corroborates the head-and-shoulders implications noted in today’s commentary.