The futures retreated sharply after topping less than two points above the 769.00 rally target identified here last week. Are they now about to plunge to 702.00, a possibility raised in yesterday’s tout? We’ll be better able to judge after stocks open this morning.  Although the selloff created a bearish impulse leg on charts of 10-minute degree or less, it’ll take a decline to at least 738.90 to achieve this dubious feat on the hourly chart. Downside targets at  746.80 and 738.20 are shown in the accompanying chart, but neither is ideal for bottom-fishing because they roughly coincide with visually obvious lows to-the-left.