The 2929.00 target shown has served as a minimum upside objective for the last two weeks (notwithstanding some micro-adjustments I made that I am now withdrawing for simplicity’s sake). Although there is nothing in the chart that should cause us to think the target won’t be reached, the labored hovering at the secondary pivot this week suggests the futures might have to pull back to get a running start at D. The correction could come all the way down to 2824.18 (the green line) without affecting the bullish look of the daily chart. In fact, that would trip a buy signal that I’d view as opportune. A fall merely to 2859.25 would trigger an “old-style” mechanical buy that we’ll consider if and when that number is hit. For now, though, I’d suggest staying out of harm’s way as the futures nervously bide their time.
