The e-mini S&P500 futures look bearish, with active targets at 1257.25 and 1231.00.  U.S. stock indices fell sharply during the early morning hours yesterday, doing significant technical damage to their respective charts.  S&P500 futures had already begun a downward impulse wave on the daily chart as of Friday, but yesterday they swept past several more external prior lows, intensifying the strength of the move.  A robust pattern on the 360-minute chart (A=1307.75) has been confirmed and is aiming for a midpoint pivot at 1257.25 and, if below there, to its sibling D target of 1231.00.  Traders bottom-fishing that level should consider putting stops at 1229.75, just below the round number.  These targets will remain valid so long as 1283.75 is not revisited.  As in the gold and silver markets (among others), camouflaged shorting opportunities could prove very rewarding.  (Posted by Doug McLagan)