Bulls have been struggling for two days to achieve the 1218.00 target shown, suggesting there’s not much conviction driving this so-far $30 rally. Even so, we’ll keep an open mind, especially if the futures are able to decisively exceed the target today or close above it. In this case, “decisively” means by at least 0.70, and it would imply more upside to as high as 1229.60 (240m, a=1283.30 on 10/5) over the near term. Bulls would have to do somewhat better than that, however, exceeding peaks from 9/26 (1232.70) and 9/23 (1237.00), to refresh the bullish impulsiveness of the hourly chart.
