Nightowls can try shorting 1235.75, stop 1236.25, but only if you’re prepared to protect profits on a favorable move initially of as little as 3.50 points. A much bigger pattern discernible in the weekly chart (A=1547.00 on 12/14/07) projects an 1164.00 downside target that is analogous to the one I’ve flagged in the Dow Industrials as a minimum projection. _______ UPDATE: The futures topped overnight at 1237.50, stopping us out for a loss of $25 or so. They subsequently broke down in a series of wild spasms triggered by bad news on the unemployment front.