A bullish ABC pattern with a 1455.75 target referenced here earlier is getting messier by the day, but we’ll continue to use it because it’s all we’ve got. The midpoint resistance lies at 1418.25, and although it was recently exceeded by 1.50 points, that’s not enough to make a run-up to 1455.75 a done deal. Under the circumstances, traders should focus on bullish set-ups, but only those that would pass muster with the finickiest of camouflageurs. In the chart shown, that implies waiting for a pullback from just above external peak #2 at 1412.25. More immediately, a riskier trade set-up would become manifest on the hourly chart with a pullback from just above the 1404.00 peak recorded on the way down yesterday in the wee hours.
