The 1948.25 rally target proffered here Friday marked the intraday high until the final minutes of the day. It is now shortly after midnight Monday, and although the futures have opened higher, extending their latest move into record territory, the new high is merely marginal. The so-far top is 1950.00, but that’s probably enough of an overshoot for us to infer that an alternative target at 1954.25 also given Friday is in play. Because this would closely coincide with a potentially important DIA target (see tout for the exact number), a tightly stopped short is recommended in either vehicle at its respective target. If this vehicle should push past 1954.25 by as little as 2.00 points, however, I’d infer that the third and last of the targets disseminated on Friday, 1970.50 (see inset), is likely to be achieved. If you’re long when it gets there, use some of the profits thereof to cushion a generous stop-loss. (Note: The equivalent target for the September contract is 1960.50.)
