Monday’s dive turned the hourly chart bearish by exceeding two distinctive lows recorded, respectively, on May 26 and June 2. To undo the damage and restore control to bulls for the near-term, at least, the futures would need to hit 1538.25 today, surpassing an important peak made last Friday on the way down.  Otherwise, the August contract is vulnerable to a fall to 1502.20, or to as low as 1485.60 if that last number is exceeded on a closing basis. The chart shows how each of these numbers was derived.