The pullback from yesterday’s final day-session peak was bearishly impulsive, as you can see in the hourly chart, since it exceeded the required internal and external prior lows. This has negative implications for the near-term, but they would be negated by a snap-back rally today that exceeds 1222.40. That would give us “dueling” impulse legs and a technical picture implying that bulls are still in charge.  A less convincing show of confidence would come if the rally in progress early Friday morning fails to clear any peaks at all, then falls to a midpoint support and reverses.  These possibilities are sketched out in the accompanying chart and should be monitored closely intraday. My gut feeling is that the futures will need to spend more time in purgatory before they take on the 1237.90 pivot noted here earlier.  A bearish outlook for the near-term would become more compelling if the futures were to create a southbound impulse leg on the hourly chart for a second day in a row.