I called the rally unimpressive in the chat room for three reasons:  1) It derived from an ersatz (aka “sausage”) A-B impulse leg;  2) it failed to achieve a 1222.90 Hidden Pivot target; and 3) it failed to exceed a minor look-to-the-left peak, also at 1222.90 (and visible only on the 15-minute chart or less).  The 1222.90 benchmark was never intended to be a major bull signal — only a threshold that would mildly challenge buyers. We’ll continue to use it as an indicator of bullish resolve nonetheless, but it should not be regarded as an all-clear signal by those who have been waiting for one.