The futures have pushed above mid-June’s 1396.50 high Sunday night, generating the first bullish impulse leg of daily-chart degree since the rally began on June 28. This has effectively refreshed the trend, but as always we should remain caution in our assumptions. In practice, this will mean using the so-far stubby rally that has begun from 1351.60 as a point A (see inset) in order to calculate an entry point (via camouflage, presumably), a midpoint resistance and D target.
Of course, a point B high has not yet been created, and it’s possible the futures will exceed yet another ‘external’ peak or even two before this happens. That would strengthen the bullish case for weeks to come, but even if it doesn’t happen, you should view any pullback that takes the form of b-c leg as a buying opportunity. Entry points signaled thereupon on the daily chart should be leveraged on charts of much lower degree — presumably the five-minute chart or less.