The mindless herd breathed a collective sigh of relief over the tariff tizzy’s latest cliffhanger, celebrating its resolution with a short squeeze up their own wazoos that played out mostly on a single day, Wednesday. The spree left the futures just shy of a 6984.00 target that is nothing special, although its decisive breach would suggest a possible breakout above the range that has asphyxiated the S&Ps since Halloween.  More likely is a drop back into the valley, whose floor lies as much as 1400 points below.  The 6984.00 target is shortable, but you could also attempt a ride to it, since it is all but certain to be reached. _______ UPDATE (Jan 27, 9:28 p.m.):  ES is breaking out, as painful as it is for me to believe. See my comments in the chat room.