The swift selloff that sprang yesterday’s bull trap has come down to the exact, 1545.40 midpoint of the corrective pattern shown, but any lower will be indicating 1538.80.  You can try bottom-fishing there with a stop-loss as tight as four ticks, but if it’s hit the futures would be signaling more weakness and a possible test of Monday lows several points beneath. _______ UPDATE (11:17 a.m EDT): The Hidden Pivot at 1538.80 evinced nary a bounce — only three hours’ worth of oscillations that turned out to be distribution for yet another wicked leg down.  This has done no serious damage to the hourly chart, believe it or not, but the selloff would become menacingly impulsive were it to breach the 1504.90 low recorded May 23 on the way up. Alternatively, and based on today’s so far low at 1515.00, the August contract would need to rally above 1532.20 today to regain the advantage. That’s where a small but important peak was made on the 5-minute chart as the futures plummeted this morning.