The 675.50 downside target given here yesterday remains valid, but if it’s breached by more than a couple of points we should brace for a renewed onslaught to at least 622.25. Alternatively, a bullish turnaround would need to hit 751.00 today to earn our grudging respect, but anything less should be regarded as mere noise. One final note: Monday night owls might be impressed by the wafting rally which has pushed the futures up by about 10 points as of 1 a.m., but it’s just bluster until it clears four tightly spaced peaks on the 3-minute chart that range from 715.75 to 719.25.