The futures remain well on track for a pop above the 30.885 peak flagged here yesterday, but it’s time to return our focus to a more ambitious target at 32.525 that was broached here earlier (adjusted upward by 0.005). Two things make this a high-odds bet: 1) the ease with which bulls blew past not only the 29.415 midpoint, but also some peaks made in the first half of January; and 2) the failure of last week’s retracement to return to the midpoint to test support.
