I mentioned in today’s commentary that the 1176.25 midpoint support on the weekly chart is crucial to my outlook for the summer.  To keep the discussion simple, however, what I did not say is that the decisive, 40-point thrust beyond that midpoint is reason for us to have a strongly bullish bias at the moment; moreover, even if the midpoint is subsequently trashed to the downside, we’d need to at least keep an open mind about the 1317.25 target until such time as the point ‘C’ that engendered it has been broken. Most immediately, I’m not going to hazard a guess about what the futures might do today, since the last three days’ action, if that’s what you want to call it, have occurred inside the gratuitous chop of the two weeks that preceded it.  Traders should look for camouflage on the strongly bullish sign that would be generated by a print at 1210.25.  As you can see on a 180-minute chart, that would surpass an internal and external peak. ______ UPDATE:  I posted a worst-case low of 1168.00 in the chat room (11:05 a.m. EDT) when the futures were plunging but still above 1170.  They subsequently bottomed at 1167.00, so a stop-loss as tight as 1.25 points would have sufficed. If you initiated the trade, partial profit-taking is advised at 1171.75 or higher. (The bounce so far has carried to 1173.50.)