The futures popped through our longstanding rally target at 1881.50 on Friday, and although they settled just beneath it, the six-point overshoot implies that the broad averages are likely to head still higher this week. I’ll update if Sunday night’s opening seems to suggest that traders are worried about Ukraine, or perhaps even about the possibility that jihadists sabotaged Flight #370 out of Malaysia. The fact that the world is arguably a more dangerous place than it was even a week ago will be of little concern to Wall Street, but sometimes the stock market will waver briefly anyway because traders are worried that other traders might somehow see such events as being material to the ups and downs of shares. Whatever the case, we’ll use the 1945.00 rally target broached here last week as a minimum upside objective for the near term. _______ UPDATE (3:03 a.m. EST): The futures are struggling feebly to achieve a correction target at 1867.75. Night owls can try bottom-fishing there for a single contract (unless via camouflage), using a 1.00 point stop-loss. Please note, however, that if short-covering buyers fail to materialize at 1867.75, this brick could fall all the way to 1860.30 before finding traction. (That Hidden Pivot support would be tradable as well.)
