The futures were slithering higher Monday night on zero volume, doing what they lacked the guts to do during daylight hours on Friday. Specifically, they’ve inched above a significant external peak on the hourly chart — in this case, Friday’s high. Assuming that there are at least a few bears ready and eager to hit the panic button, we should see the 1316.75 rally target (see inset) given here earlier achieved before the day is over. Alternatively, it would take a print down at 1269.25 today to break the bullish fever.
