Although there are no compelling starting points for this selloff, we’ll use 3.9975, the best of a mediocre lot, to tell us where the futures might turn. My worst-case target is 2.612, subject to a possible midpoint pounce and corroboration at 3.00. The latter number can serve as a minimum downside objective; an upthrust to 3.4950, the price where bulls would regain the upper hand.
