Yesterday’s coy, 200-point dip made its low just 10 points above the midpoint support noted in my tout. The nearly 300-point rally that followed might ordinarily be taken as a bullish sign, but what we should notice first is that the intraday low surpassed an important prior low on the daily chart, revitalizing the impulsiveness of the bear cycle begun in October. This means that the bearish scenario sketched here yesterday still obtains, to wit: a close below 7985 would portend more weakness to at least 6883.