I’ll continue to use the big, bearish pattern shown in the inset, with a ‘D’ target at 3424, to keep things in perspective. However, it behooves us to give this presumptive bear market rally wide berth, since it is feeding off the crowd’s certitude that a real rally — i.e., one capable of hitting new record highs –could never happen with the U.S. economy imploding in slow motion. To cover all the bases, my analysis last week even allowed for the possibility of a rally to new record highs above 6000, however unlikely.  Since bottoming in October, the June contract has signaled two ‘mechanical’ shorts at the green line (4143.19) that could have yielded total profits of as much as $100,000 on four contracts. A third short sale was signaled last week when the futures touched the green line. I expect this trade to be a winner as well, although ES could climb toward C=4382.75 just to harass bears.