Was yesterday’s spike top the dying lunge of a bear rally begun in early May?  It’s possible, since the intraday high came within 0.46 points of an important target at 77.18 shown in the chart.  However, the bullish case deserves deference here, since the peak, even though it failed to hit the target, generated a bullish impulse leg of significant degree when it exceeded a 76.61 high from early April. We’ll know more once we’ve seen whether buyers are feisty enough to take on some small “external” peaks going back to mid-March.  (Tired of having to blindly follow some guru? Click here to learn how to forecast like a pro.)