Friday’s gratuitous chop left a 2190.75 rally target for the near term unchanged. Precise pullbacks already seen from p and p2 imply that we’ll see an equally precise pullback from the target if and when it is reached. That makes it potentially short-able, but we should be prepared for a push past it nonetheless, since that would signal more upside and justify a bullish trading bias. Alternatively, the futures would be warning of trouble if they close beneath the ‘external’ low at 2160.50 recorded on 8/5.
