The futures on Wednesday somewhat exceeded a 2848.25 target I’d mentioned here, topping intraday at 2855.25. Ordinarily I would regard this overshoot, although small, as distinctly bullish. In this case, however, I will allow for the possibility that a 2868.50 target that shows up on the composite weekly chart (click on inset) is going to repel bulls, at least for a while and in potentially tradable fashion. I cannot give you a penny-precise target, since the ABC coordinates on the composite chart come from different months. However, I expect to see real stopping power within perhaps 4-7 points either way of 2868.50. We shall soon see.
