A long-term rally target at 1535.25 has been obliterated with last week’s surge, having been surpassed by a decisive 12.50 points. We’ll keep a close eye on things just to make sure it’s no bull trap, but the evidence so far suggests that significantly higher highs lie ahead. A logical target for now is the 1624.75 Hidden Pivot resistance shown. Although this ignores several ABC patterns of larger degree, it gives us a precise number to shoot for that will remain viable no matter what the bigger picture might say. A stall at its midpoint sibling, 1551.00, would corroborate this.
