The peak of yesterday’s 25-point rally missed our 1296.75 target by just two ticks, but bears shouldn’t be lulled into thinking that might be the end of it. In fact, after the by-now obligatory whoopee cushion leap in the opening minutes of a session, the futures flatlined for the remainder of the day in a shallow consolidation capapble of pushing them to at least 1317.00 on the next thrust. Night owls looking for a low-risk way to board may have to drill all the way down to the one-minute chart (see inset), since that’s the first place I was able to find “external” peaks subtle enough for such purposes.