Yesterday’s rally transformed into dross the bearish head-and-shoulders pattern that some will alway want to see. In the process, buyers gave new authority to a rally pattern projecting to as high as 1893.00 over the near term. Its midpoint sibling lies at 1809.50, so let’s use that number as a minimum price objective for the near term. It will have maximum predictive value if breached — especially on a closing basis — since that would imply significantly higher prices over the near term.
