Friday’s rally was bullishly impulsive on the hourly chart — ray-rah! and all that — but rather than trust a flurry of buying during what has been a prolonged period of weakness and failed rallies, we’ll require verification by way of a further push above the external #2 peak-along-the-wall at 1685.10. If bulls are truly getting ready to take charge once again, they will not hesitate to tell us so by pushing past the two labeled peaks in an effortless, unpaused thrust.  Otherwise, targets at 1623 and 1588 given here previously will continue to obtain as minimum downside objectives. (Click here for information about the upcoming Hidden Pivot webinar and a coupon good for a $50 discount.)