On the hourly chart, the selloff from yesterday’s high missed being impulsive by just two ticks, and today would therefore have to start with a lurch exceeding  856.50 to the downside to turn the short-term picture geniuinely menacing.  The 892.75 rally target from way-back-when is still our lodestar; however, it is not particularly bullish that the futures couldn’t achieve that number yesterday when they were within spitting distance of it. Indeed, the failure of the rally to go that last inch hints of impending weakness and even of a major trend change regardless of whether the target is now achieved. More immediately, the futures were trading slightly lower Tuesday night, but there was potential for more selling all the way down to 856.25, since the midpoint support associated with that number, 865.75, has been breached.