The 1296.75 target that I aired here a few days ago is proving more stubborn than one might have expected. In fact, after making a weak second top at 1296.50 early in the session, the futures are actually extending Tuesday’s moderate losses this evening — a little encouragement and spiritual nourishment, perhaps, for right-thinking, decent bears around the world. As of this moment, the selling has exceeded a minor ‘d’ target at 1284.75 by three ticks — enough, probably, for us to infer that more selling awaits.  If ESM retraces 61.8 percent of the lunatic rally begun on Friday, that would bring it down to 1280.25.