The ABC downtrend off yesterday’s high did not breach any prior lows to create a valid impulse leg, but I still like the gentle arc of the gestating C-D leg, since it is of a sort that tends to create tradable midpoints. Accordingly, and for night owls only, I’ll recommend bidding 1252.75, stop 1251.50. Make the order good until 7 a.m. EDT. If it fills, switch to a 1.50-point trailing stop on a bounce to 1256.75, and use 1259.00 as a minimum upside objective. _______ UPDATE: The futures made it no lower than 1261.50 overnight, so brace for more buying today, though not necessarily the onslaught that thrilled and entertained us yesterday.