No change. It would take a print today below 1230.70 to create a bearish impulse leg. If the bears cannot achieve that seemingly trivial feat, they’ll leave themselves vulnerable to a shoving match that could back them all the way up to 1257.00.  There are potential opportunities for us in any event, since the constipated action of late has created a veritable canopy of “treetops” that we can use to signal the onset of a fresh, bullish impulse leg on the lesser charts. To reduce the number of false entry signals, however, remember to use only patterns with single-bar point-‘C’ lows.