The hourly chart is still working on the bearish impulse leg begun Monday, implying that if the downtrend continues, we could hazard a bid at 1227.40, the midpoint support shown in the chart. The trade will remain valid as long as the point ‘C’ of the pattern, 1244.00, has not been exceeded. Please note that the futures would be indicating more downside to as low as 1210.80 if they close beneath 1227.40 or trade more than 2.50 points below it intraday.  A six-tick stop-loss is suggested for the 1227.40 bid.  Alternatively, a bullish thrust would be unimpeded to 1250.70, a midpoint resistance tied to a ‘D’ target at 1269.80. The first hint that bulls have regained control would come on a 1244.40 print, one tick above a look-to-the-left peak that is nicely visible on the 15m chart. ______ UPDATE (10:38 a.m. EDT): The futures ascended to a higher platform overnight before diving this morning, so we did nothing on the order. The new pattern projects to 1214.20, and because the selling has already breached the 1230.80 midpoint, we should infer the target is likely to be reached. To turn things around, bulls would need to punch the futures up to at least 1237.20 within the next couple of hours or or so.