Bulls have yet to show any signs of life, and if they don’t pick up the tempo this morning, we’ll soon be seeing a test of a midpoint support at 1188.70. That Hidden Pivot is tied to an 1162.30 target, so a robust bounce is crucial to the short-term picture — and perhaps the intermediate-term one as well.  Alternatively, 1222.90 is still the number to beat, since that’s what it would take at a minimum to turn the lesser intraday charts bullish.  Night owls can look for signs of support at 1206.50 if 1210.10 is not exceeded to the upside first, but I wouldn’t lean on it too hard for bottom-fishing, since it looks fragile. _______ UPDATE (11:27 a.m. EDT):  A wave of selling overnight has brought the futures down to within 80 cents of the 1188.70 support flagged above. It must hold or a further decline of $26 will ensue.