Yesterday’s mechanical rally fell 1.75 points shy of the 1347.75 Hidden Pivot we’ve been using as a target, but because it surpassed mid-February’s watershed high, creating a new impulse leg of daily-chart degree, the short-term implications are bullish.  Even so, I am raising the yellow flag as I’d said I would, since, at these heights, complacency is apt to be approaching an epochal peak.  Under the circumstances, the bear could surprise us by sauntering out of his den before the futures have achieved some ‘D’ rally target that has commandeered our attention. If so, you will see a downtrending a-b-c from that high that reaches or exceeds its ‘d’ target. The first instance where this could actually occur is shown on the accompanying chart, so night owls should pay very close attention to price action at the target.  If, on the other hand, the futures turn higher without having corrected to ‘d’, that would imply that the bullish status quo — soon to enter its 27th month — still obtains.