End-of-day histrionics turned a promising buying pattern into dreck yesterday, so we’ll be starting from scratch this morning. Any buying we might have done would have offered limited upside, since all the action was, and still is, taking place within a larger downtrend. The futures would need to hit 1070.00 today or tomorrow to change that, turning the hourly chart bullish; otherwise we’ll look for tortured descent to test early October’s low, 1012.00. ______ UPDATE (11:30 p.m.):  Selling Wednesday night was pushing the futures down toward a 1040.75 midpoint support that can be bottom-fished with a 1.00-point stop-loss, but if it’s hit look for the downtrend to continue to the ‘D’ target at 1033.75. The pattern shows nicely on the 5-minute chart — and please note that it proceeds from a distinctive one-off ‘A’. If the decline were to play out in accordance with the obvious ‘A’ at 1058.50, the respective midpoint and target would lie at 1039.25 and 1030.75. ________ FURTHER UPDATE (9:24 A.M.):  The correction played out to the lower pair of targets, producing an overnight low of 1039.00 that corresponded to the obvious A at 1058.50. Bottom-fishing 1040.75 would therefore have produced a trading loss of about $50.