A 15-point rally today that touches 1237.00 is where the action would start to look encouraging for bulls. However, as noted in an earlier post, it will take a close above 1237.40 to set the futures on a course to at least 1258.60 — or perhaps 1272.60 — over the near term. If they head lower, the 1207.00 target flagged here earlier is still valid and can be bottom-fished with a stop-loss as tight as a point.