An ancient target at 1159.25 remains valid, although my ardor for shorting it with the usual penny-ante stop-loss has cooled some. If it turns out instead that the dirge-like price action of the last two weeks has been distribution, it will probably be Wednesday at the earliest that the futures can fall from the sky. A print down to 1127.00 would turn the hourly chart bearish in any event, but if you’re looking for a more sensitive tripwire, try 1137.25 on the five-minute chart. Late Sunday night, the futures were headed the wrong way — i.e., higher — but there would be no credible upside threat until such time as they hit 1147.75. Night owls looking for a camouflage entry opportunity can discover for themselves the look-to-the-left peak that corresponds to that number on the three-minute chart.