The futures dropped 19 points Tuesday after rallying earlier in the session to within a single point of the 2832.25 target sent out to subscribers the night before. There remains just one minor target at 2845.00 to be achieved before we’ll need to consider bullish patterns of larger degree. What this implies is that the S&Ps are on the verge of breaking out from the lengthy consolidation begun in February after stocks got walloped. The breakout would be affirmed by a move exceeding the 2848.00 ‘external’ peak shown in the chart. That would refresh the impulsive power of the daily chart for the first time since early February. Because the peak is just three points above our minimum upside target, the two together constitute a kind of ‘double resistance’. We should therefore assume that any rally that gets past them is likely to head for blue sky above late January’s record high. ______ UPDATE (July 25, 8:13 p.m.): Today’s running of the bulls — and squeezing of the bears — pushed the futures above the 2848.00 peak noted above, all but guaranteeing a test of January’s all-time higher at 2889.00.