Yesterday’s snap-back rally followed the serious breach a day earlier of an an important midpoint support at 7985 shown in the chart. (The E-Mini S&P did likewise.) The actual low occurred 45 points beneath the support, and although we’d said it would be cause for concern if the Indoos closed beneath the pivot for two consecutive days, the 45-point penetration is probably reason enough to view the rally with skepticism. Our opinion could change, but it would require nothing less than a 932-point rally from here to do the trick, since that would create a bullish impulse leg on the daily chart. We won’t hold our breath, but neither will we attempt to intercept this nuttiness until there are signs of terminal fatigue, as there will be. In the meantime, our minimum downside target is 6883, and it will remain so until such time as 9089 is exceeded to the upside.