The gnarly bull pattern to 1093.75 or higher is still valid in theory, but we should focus on bearish possibilities right now, since, as of early Thursday morning, the futures have been tracing out a distribution below the 1065 midpoint support of the larger pattern shown in the chart. The downtrend projects to 1043.75, yielding the equivalent of a 170-point fall in the Dow.  A lesser pattern projects to 1047.25, and you can try bottom-fishing there with a stop-loss as tight as 3-4 ticks if the opportunity arises before 2 p.m. EDT. (We’d want to be out of the position before the bell.)  The pivot at 1043.75 could also be bought with a very tight stop-loss, but the lesser pattern looks more promising. _______ UPDATE (11:17  a.m. EDT): The futures have gone the “wrong” way today, Banshee-screaming their way up to 1093.50 (!) s0 far. Perhaps it is a reaction  to the latest increase in joblessness? Or a delayed reaction to the Depressionary implications of the steep new decline in home sales?  Or maybe it’s jobless speculators, thrilled with the latest forever-and-a-day extension of their unemployment benefits and eager to deploy a portion of their new lucre in index futures? We’ll probably never know which, or why, but it is clear that Wall Street is in an exuberant mood this morning. If you shorted the top as was possible using my target, take partial profits, keep a tight stop, and don’t trust the little sonofabitch for even a minute.