The 2526.50 target I’d flagged if things got ugly is still in play, but we’ll focus for the time being on the promising bounce from Tuesday’s 2623.25 low. If it exceeds 2688.50 by Thursday’s close, bulls would be back in charge, at least for the near term. And if they can push this erstwhile brick above the 2807.25 peak recorded in mid-March, shorts would be wise to dive for cover. For now, I’ll recommend using the pattern shown to guide you. An easy move past the 2678.25 midpoint pivot would portend more upside to at least 2745.25. Alternatively, a relapse would bring the 2526.50 target back into focus._______ UPDATE (May 7, 7:56 p.m. EDT): Today’s rally to 2681.50 brought the futures to the midway point between p and p2 (click here for chart), implying that a pullback to the green line would offer an excellent ‘mechanical’ buying opportunity.
