On the basis of yesterday’s action, I wouldn’t change a word of my last analysis, so here it is again:

The 1074.50 target looms as an important test of bulls’ resolve. It will have implications for the intermediate-term forecast, since an easy move past it will greatly shorten the odds of a renewed burst to at least 1134. There is no question about the pivot itself, and that is why I expect to see at least tradable resistance when it is first touched.  There is a secondary pivot at 1080.00, and we should take account of it as well.  Accordingly, let’s stipulate that if 1080.00 is exceeded on a closing basis, long-term bulls should consider jumping back in without further ado. Alternatively, it would take a print at 1043.70 today or tomorrow to threaten the bullish outlook without wrecking it.