Traders easily could have made hay with the 1098.75 support I’d flagged, since the futures popped yesterday for a 20-point rally precisely from that number.  It is the midpoint support of a major downtrend that is itself part of the even larger uptrend begun in March of 2009.  Yesterday’s failure to penetrate the support is bullish going forward, but this still needs to be confirmed by the creation of a bullish impulse leg on the hourly chart. As of now, that would require a print at 1150.60 (see  inset).  If the confirmation does not come and the futures close below 1098.75 for two consecutive days, look for the selling to snowball all the way down to 1022.75.