I flagged a minor rally target at 1111.10 in the chat room yesterday afternoon, predicated on a push above its sibling midpoint, 1107.10.  Well, the midpoint is toast, the futures having climbed as high as 1108.80, but buyers have since turned skittish.  The pullback remains shallow so far nonetheless, and I would suggest that night owls loiter on the 1- and 3-minute charts to pick up on the kind of subtle ABC rally pattern with the potential to get one aboard without much risk. ______ UPDATE:  This morning’s moderate rally exceeded the first peak mentioned in today’s commentary (1110.90)  but not the second (1118.50). This is telling, as far as I’m concerned — indicative of buying that lacks the power and inspiration to see its way to new all-time highs soon.  You might say that the Golden Groundhog has seen its shadow. _______ FURTHER UPDATE (12:01 p.m.): The second peak has now been exceeded, but it is a sign of this rally’s lack of confidence that the move to new recovery highs required a B-C pullback on the hourly chart.  Now let’s see how the futures handle the next Hidden Pivot resistance at 1127.80, my minimum upside target for now.  Traders should look for an entry opportunity on any pullback to 1113.60, the HP midpoint associated with 1127.80.