Shortly before 1 a.m., the E-Mini S&P had done nothing so far tonight to call attention to itself. However, in the wake of Tuesday’s nasty reversal day, the futures are clearly tortured by the prospect of being dragged into a lower Circle of Hell. Before that can happen, though, a presumably supportive cluster of lows recorded two weeks ago just beneath 980.00 must be trashed. From there, it would take another 16.25 points’ worth of selling to turn the daily chart bearish. Indeed, it would be ominous if that impulse leg were unbroken on the daily chart between 1004.00 and 963.75.
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