The futures were wafting higher Wednesday night, up eight points at the moment, but the gain was attributable more to a lack of supply than to any apparent buying enthusiasm. Under the circumstances, we should ask no less than 1195.00 before we take the rally seriously, since that’s what it would take to create an unambiguous impulse leg on the hourly chart.  Because the current impulse is bearish, we might consider shorts seriously for the first time in a long, long while.