Bears could have taken no pleasure in yesterday’s shakedown, since each nasty leg down was followed by an almost equally nasty reaction. If the correction retraces half of the rally from the January 28 low, that would imply a bottom at 1375.10; if 0.618 is retraced, that would put the low at 1358.50.  My gut feeling is that the futures will have to come down to at least 1396.30 before they are recharged for another upthrust.