Yesterday’s bull-trap high on the opening bar set the scene for a day of backing and filling.  The process looks like it will take the February contract down to at least 1362.20, and you can bottom-fish that Hidden Pivot with a stop-loss as tight as 0.30 points.  The target lies within two ticks of a 1362.40 midpoint of a larger downtrend identified during yesterday’s tutorial session.  Of course, it would be a negative for the short term if both of these supports give way easily. _______ UPDATE (9:49 a.m. ET): This morning’s vicious selloff has brought clarity to the lesser charts, which all but ordain a bottom at either 1340.60 (A=1392.90 on Jan 13); or if any lower, at 1322.20 (A=1423.40 on January 3).  Most immediately, the most bullish thing that could happen would be for the futures to start impulsing bullishly on the 15-minute chart or higher without having reached the 1340.60 target. The low so far has been 1343.10.