My immediate outlook is bearish, but there’s not much to work with on the hourly chart to predict how bad the next leg down will be.  Assuming yesterday’s bounce from within a tick of the featured pivot at 1106.90 is a distribution, it doesn’t looked sufficiently developed yet to engender an equally nasty C-D follow-through.  However, since this assumption is all we’ve got at the moment, I’ll go strictly by-the-numbers, using the obvious abc coordinates shown in the chart.  They yield a 1090.30 target, subject to a bounce at the 1103.20  midpoint support.  Both numbers would be invalidated by a wee rally surpassing the 1116.20 point ‘C’ overnight.   Alternatively, and once again, we’ll use 1154.00 as a benchmark to alert us if bulls have sprung back to life.