The futures have sold off nearly 30 points after peaking less than two points from an important Hidden Pivot target at 1170.25.  I did not suggest shorting there because the target seemed too obvious, coming as it did from an impulse leg drawn from last Thursday’s low (where B=1136.00).  We should respect this selloff, since the recent peak has the potential to become a major top.  Further evidence of this would come on a print today below 1142.75, a minor midpoint support that comes from the 15m chart (A=1158.50).  If it’s breached by more than two or three ticks, expect the selling to continue down to at least 1134.75.  That’s a Hidden Pivot, and you could bottom-fish there with a stop-loss as tight as 1.00 point. ______ UPDATE (10:42 a.m. EDT):  The futures have bounced 25 points from a so-far low of 1141.00.  This is a hair more than the three-tick breach that I’d said woul8 decisively breach the pivot, but it is clear in retrospect that the hoi-polloi were focused, simply, on Monday’s 1140.50 bottom as structural support.  The rally lacks real power and would need to hit a minimum 1173.25 to impulse on the hourly chart — a feat that looks like an even-odds bet for today at this moment.  Even so, the strength of the rally, such as it is, comes as a bit of a surprise, since skepticism toward the latest, trillion-dollar bailout, seems to be nearly universal  (i.e., everywhere but on CNBC).