Yesterday’s downdraft was undeniably nasty, but it would take a print below 1216.20 today to make it officially worrisome. That’s where the selloff would become bearishly impulsive on the daily chart, as shown in the inset. Keep in mind, therefore, that a breach of low #1, followed by a rally and subsequent breach of low#2, would imply short-term corrective action rather than the start of an intermediate-term downtrend. Most immediately, the futures will have a chance to turn from 1233.50, a midpoint pivot, or perhaps from its ‘d’ sibling at 1225.30.  They could also put bulls instantly on the offensive with an upthrust this morning exceeding 1244.40, a look-to-the-left peak from Monday recorded on the way down on the 1-minute chart.