I’ve cautioned that rallies are starting to feel more distributive, but that’s surely not what was going on today.  Rather, sellers spent several fruitless hours pounding away at a ‘midpoint support’ at 2693.75 that lay eight points beneath the previous day’s close; then they gave up.  The result was a moderate short-squeeze that looks likely to test the 2748.00 peak that capped Wednesday’s nasty surprise.  From a technical perspective, that would amount to rally to nowhere even if the peak is exceeded. But the longer-term chart featured here today shows what it would take for bulls to have something to feel good about. Specifically, they would need to generate a spike that takes out the two numbered peaks; moreover, once peak #1 has been exceeded, there could be no pause until #2 has been bettered as well. That would put the futures on-course for a run-up as high as 2997.75, a Hidden Pivot target equating to around Dow 27,000. I am skeptical this is about to occur but always willing to keep an open mind.