Although lower targets remain viable, the daily chart is bullish right now, dominated by the impulse leg shown. It implies a rally to 1362.50 that would be equivalent to a Dow surge of about 250 points. First, however, buyers would need to push this vehicle past the sibling midpoint at 1332.50. If they do just a little better, getting the futures to close above that number, shorts had better dive for cover ahead of the weekend. From a trading standpoint, a buy signal has already been tripped at 1317.50.  This effectively gives camouflageurs a green light for trading the lesser charts with a bullish bias today. ______ UPDATE (10:45 a.m.  EDT):  It was little more than a week ago that I declaimed we should attempt to short every stupid rally. Now, here I am looking to milk the last ounce of upside from just such a one before we lay ’em out.  We shouldn’t lose sight of the fact that at this early stage of a bear market, rallies will tend to fall shy of their targets and that the hellacious declines will come more or less out of nowhere, on gaps that will appear to have been well nigh unshortable.