Even as we got long briefly during yesterday’s open house and exited the trade shortly thereafter for a small profit, I was warning of more sinkage over the near term to at least 1207.00.  Bid there this morning with a stop-loss as tight as 1206.40 — or at 1205.60, stop 1204.90 if you want to play it more conservatively, at the risk of missing the turn. ______ UPDATE (2:28 p.m. EDT):  The day session began with an Ali Shuffle that took the futures higher. They traded no lower than 1217.00 overnight, denying us the opportunity to buy at fire-sale prices. The 1207.00 target will remain valid in theory until such time as 1236.90 (aka point ‘C’) has been exceeded, but this looked likely with the futures rallying so robustly today.  If the rally continues, the key resistance lies at 1244.40, an HP midpoint associated with a ‘D’ target at 1272.60.