Coincident rally targets not far above will give us an opportunity to gauge bulls’ mettle, assuming they can soon muster the 20-point push to get there. The targets lie, respectively, at 1426.60 and 1427.00 (see inset), and their implied double stopping power should restrain the rally sufficiently to backstop scalpers looking for an easy, if possibly short-lived, short. However, if the futures were to push past this barrier within an hour or so of touching it, we should infer that still higher prices impend over the near term.
