Most immediately, a rally target at 41.205 still beckons — trail’s end for a minor pattern noted here on Friday. That should be ambitious enough for the moment, and so I won’t get all exercised about a bigger picture that portends perhaps something more. Nevertheless, it should be noted that a crucial test of bulls’ resolve lies at 42.330, where a look-to-the-left peak etched itself into the hourly chart as the futures plummeted from their highs in early May. This resistance, small but important, is shown in the chart, and the futures will have to get by it on the first try to revitalize the bullish energy of the intraday charts.
