I searched the intraday charts high and low Sunday night for encouraging signs, but there were none to be found. All signs in fact point lower, and the respective midpoints of bearish patterns in virtually all time frames have already been decisively breached, corroborating a generally dispiriting picture. To project a minimum downside objective from here, I’ve settled on a lesser pattern that yields 7.515. However, since we always need to remain open to other possibilities, let’s stipulate that a bullish impulse leg today exceeding 10.620 is needed to turn the short-term trend decisively bullish. One final note: The futures will have a chance to turn from 8.30, but if that pivot is exceeded by more than 4-5 ticks within 15 minutes of first being touched, assume the lower number (i.e., 7.515) is going to be reached.