A textbook-lovely target at 1179.50 seems far too ambitious at the moment, although I’d need to rethink my skepticism if the futures were to close above it sibling midpoint at 1148.50 today or tomorrow. The pattern is shown in the accompanying chart, and if it were, say, Comex Gold rather than an equity index, I’d have no problem with 1179.50. Bottom line, we’ll go 100% with the indicators this time rather than the gut.
