The futures may have bettered our longstanding target at 1494.50, but not by enough that we should be impressed. The spike high at 1497.75 achieved via a short squeeze on the opening bar was but a perfunctory test of resistance at 1500, a number that is now close enough to have turned magnetic. It also seems too obvious a place for the bull market to die, and that’s why I have my suspicions that the 1548.25 target broached here earlier will be achieved. Let us stipulate in the meantime that the futures close above 1500.00 for two consecutive days before we infer that a run-up to 1548.25 is imminent.
