The 1118.50 rally target we used yesterday remains valid and may put up some resistance, but because shorts seem to be getting no relief, it’s probably time to consider the larger pattern shown in the chart. It yields an 1137.25  target and an 1111.00 midpoint that has already been breached decisively. If you’re looking for a potentially easy way to get long, use a pullback from just above either of the small peaks recorded on January 21-22. _______ UPDATE (9:50 a.m. EST):  The futures have opened on unsurprising strength, surpassing the January 21-22 peaklets.  This has created a bullish impulse leg on the hourly chart (A=1112.75, B=1122.75),  but because it is unbroken for 10 points, camouflage will be difficult to find for a conventional entry at a point X. (Indeed, two C/x combinations have already formed as of the moment, suggesting there are two many overly eager bulls.)