These days, it would seem that no promising impulse leg goes unpunished. Few rallies have been reaching their D targets, especially when the stock market is bounding higher. Yesterday simply continued this pattern of behavior. That said, however, and going strictly by-the-book, the bullish look of the daily chart should continue to encourage — at least until such time as the point C low of the pattern, 1217.60, is trashed. Still more encouraging would be a bullish reversal that takes out the 1243.00 midpoint pivot shown. A decisive move through this level would make a further move to its D sibling at 1268.30 an odds-on bet.
