Inveterate bears will want to pay close attention to the Industrial Average in the weeks ahead, since it is capable in theory of creating a quite powerful bullish impulse leg on the monthly chart with a rally of just 609 points. That is the distance separating the two peaks shown in the inset, and if that distance should be traversed by a thrust that’s unpaused once peak #1 has been exceeded, it could spell a long exile for stock-market pessimists.  My gut feeling is that we will see no such birthing of a long-term bull; rather, and at best, the Dow will poke above the first peak and pull back for at least two months before even feinting toward the second.  More immediately, the Indoos have exceeded by 34 points a clear target at 11019 on the daily chart, implying bulls will remain in charge till election day or longer.  Any rally developing this week would be unchallenged up to 11197 by structural resistance, but the way things have been going, we could see such a test this week.