The futures were falling toward the 4541.50 target of a slovenly pattern when the week ended. However, bulls ought not be too concerned, since a descent all the way down to x=4439.00 would only make the September contract a more enticing buy. Even the red line (p=4508.00) will be in play as a spot to bottom-fish ‘mechanically,’ although we’ll want to set it up on the 15-minute chart or less. In any event, the 4645.75 rally target will remain in play. ______ UPDATE (Jul 28, 7:53 a.m. EDT):  The futures were ‘supposed to’ hit 4645.75, but instead dove from a 4634.50 high yesterday that missed the target by two-tenths of a percent (0.2%). They are climbing ahead of this morning’s opening on short covering by the usual bozos, but the rally is suspect, especially since AAPL was plumped up yesterday by the same fraudsters. Let’s be on our guard if ES and AAPL pop above Thursday’s highs. This seems unlikely, but don’t be afraid to take home some puts if it happens.