The breach of an important midpoint support at 1272.00 has bearish implications for the intermediate term, but the immediate picture is probably no worse than neutral, since the futures turned higher from four points above the 1268.25 downside target of a lesser pattern (see inset). On balance, we’ll back away for a day, although camouflageurs are encouraged to go where other traders might fear to tread. Bulls would need to push this brick to 1296.75 today to show a spark of life.
