The 1170.25 rally target that we’ve been using is obviously still on this vehicle’s reptilian brain, and now it has been surpassed by 1.00 point. That’s not quite enough to get it by the 1173.25 benchmark we set yesterday, but if it happens this morning it would create a bullish impulse leg on the hourly chart that  we could not ignore.  However, lest we be bamboozled by a head-fake, let’s ratchet the bar up slightly to 1175.25, which takes into account the 1175.00 peak-let show in the chart.  A point ‘B’ high that forms between those two numbers would offer great camouflage and the possibility of a trade like the one I’ve sketched.  On any kind of rally, my minimum upside target will be 1181.00. _______ UPDATE (1:17 p.m. EDT):  Our look-to-the-left peak at 1175.00 did its job beautifully, since we were not fooled when this sneaky little sonofabitch tiptoed up to exactly 1174.75 before going into a 13-point selloff.  The analysis remains valid, as does the crucial importance of 1175.00 to the short-term picture.