Although a big-picture target from the weekly chart lends authority to the mildly bearish, 1295.60 target we’re bidding, the lesser charts show bulls unwilling to give much ground. They’ll face a crucial test today, however, since the promising impulse leg they generated on the hourly chart yesterday looks too good to fail. It projects to 1326.40, with an entry tripwire at 1317.30 that has already been hit. Buyers should be able to push past the 1320.30 midpoint pivot with ease, which would all but clinch a follow-through to 1326 or higher. However, if there’s any sign whatsoever of a struggle, look for the futures to relapse to 1295.60.
