We caught a small but theoretically profitable upthrust yesterday using the ‘d’ target of an abcd correction that unfolded during a pre-opening briefing.  Price  action was especially flat — more like a slither than a trend — but we can only infer it is a consolidation for the next all-but-inevitable QE2 push higher. A well-discussed rally target at 1233.75 still obtains, but I am reluctant as yet to tout another at 1259.75 that implies a rally of much steeper pitch  (although I’d consider it a done deal if the futures were to gap above 1226.00 on the opening)  That is the point ‘X’ entry trigger of the pattern that projects to 1269.75.)   The provenance of both targets is shown in the accompanying hourly chart.