Friday’s bullish turnaround promised to take on a by-now-familiar trendline whose promising upward penetration earlier in the week failed to generate much follow-through. The trendline comes in at around 1652.60 mid-day, and its breach, for a second time, would put bears on the defensive. Hidden Pivot resistance lies just below, at 1650.50, and an easy push past it would imply the trendline itself is dead meat. A close above both would be indicating more progress over the near term to at least 1674.10, the ‘D’ target with which 1650.50 is associated. It would take a bit more, however — specifically, a push exceeding mid-April’s 1681.30 peak — to put bulls back in the driver’s seat.
