The 1557.60 high of yesterday’s roller-coaster ride conspicuously failed to get past the key peak at 1559.30 recorded on June 22, but the futures looked unintimidated at the close. This suggests a consolidation with the potential to launch a rally hitting 1574.70, 1577.20, or perhaps even 1589.40 in the days ahead.  The futures would need to drop by $30 today to introduce any doubts about the short-term. ______ UPDATE (3:24 p.m. EDT):  The futures exploded as we watched them in real time during an impromptu online trading session. The intraday high achieved was 1574.40, just three ticks from the lowest of the targets given above. The otheres remain valid.

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