Notice that yesterday’s selloff (see inset) has created a bearish impulse leg of daily-chart degree, since the structural low at 1414.50 that it breached, diminutive though it be, is a legitimate ‘external’ low.  Camouflageurs should look on the 5-minute chart for places to short an uptrending abcd, but officially we’ll wait for a C-D downleg to develop so that we can get a read on sellers’ fears at its p midpoint.