The selloff into last week’s final bell set up a presumably corrective downtrend that projects to 753.25. That’s assuming its midpoint sibling, 762.50, is breached.  (It was, but only by one tick — not seriously enough for us to infer that its supportiveness has been compromised.) We are putting out this analysis before Sunday trading has begun, and it’s possible the futures will head higher rather than lower. If so, and if they do it without first breaching 762.50 decisively, it would then require an upthrust exceeding  780.50 to reinvigorate the short squeeze responsible for driving stocks higher last week. _______ UPDATE (11:45 p.m.):  DaBoyz have applied a rather vicious short squeeze Sunday night, although there is not a headline in sight at the moment that would nominally justify such brazenness.  So that we don’t mistake a good bluff for the real thing, let’s use  a 789.50 print as our benchmark, since that’s what it would take to turn the hourly chart unmistakably bullish. Above 789.50, the futures would have an implied minimum rally target of 809.50, a shortable target, stop 810.25,  given here earlier; or if any higher, 817.00.