What a sorry mess yesterday’s “action” was. The tired pumping did not change a bigger picture that hints of at least somewhat lower prices over the near term.  However, as we learned during yesterday’s weekly tutorial session, there’s a reason why bears cannot afford to be complacent at these levels.  Notice in the chart that Tuesday’s high decisively exceeded the midpoint resistance of a bullish pattern that has been in motion since January 30.  What this implies is that although the futures subsequently dropped like a stone, they may be plotting a thrust to new recovery highs that could catch shorts unawares.  The  target is 1373.25, implying a rally that would be equivalent to nearly 500 Dow points.