Last Thursday, I expressed my bullish inclination ahead of Friday's session, and I certainly wasn't disappointed.  Today, I'm feeling just as bullish as last Thursday, albeit only on a short-term basis, as there's no guarantee tomorrow's rally, if it comes, will be sustainable.

Should a rally materialize, the likely target will be the resistance cluster consisting of the upper trend line, the 50-period moving average on the 60min chart, and the weekly pivot.  With that said, a break through this barrier will likely target the formidable resistance zone discussed in the midday report.


Chart 1. Bullish divergences, coupled with an exhaustive momentum decline pattern, favors an immediate bounce
to at least the 1250-1252 area. 

Trade Well,

Peter