The futures broke out to new record highs after a constipated, seven-week dirge, tracing out a steep trajectory that leaves the 2286.00 target shown — click here — in no doubt. This means a 2324.00 target first broached here a while back is our swing-for-the-fences number for any long positions still held, or to be acquired. This target and the pattern which has produced it are shown in the inset. Day- and swing-traders can short 2286.00 with a stop-loss as tight as 2287.25, but I’m recommending the trade only to those of you who have been long for the ride north. Looking at the bigger picture, the precise hit at p on January 6 (see inset) has not only confirmed the pattern, it also implies that there will be a pullback precisely from 2324.00 if it is reached. The final gasp of the bull market? We can only guess, but it looks almost certain to produce a tradable top. _______ UPDATE (Jan 25, 2:54 p.m. EST): A 2294.50 target that I posted in the chat room three hours ago has so far contained today’s rally within a single tick. If and when buyers push decisively past it, we’ll use the 2324.00 target of the larger pattern flagged above. Also, and FWIW, during this morning’s tutorial session we identified the 2403.30 target of an even larger pattern. It is both clear and compelling and would equate to a 1000-point rally in the Dow.