Bulls had to like the way yesterday’s runaway rally pushed past the 1658.30 target shown in the chart. It is a target of slightly higher degree than the one at 1650.30 that we were using as a minimum upside objective, and its breach has put into play an even more significant target at 1728.00. That number can serve as a minimum upside projection for now, although we’ll continue to monitor corrections on the lesser charts for signs of fatigue. In practice, that would mean abc patterns that decisively exceed their ‘d’ targets. One such pattern in progress after hours was bullishly having difficulty taking out a midpoint support at 1654.90 (5-minute, a=1660.40 at 7:10 p.m. EDT).
