My bear market target at 135^05 is well below these levels, but we’re still on the lookout for signs that the Fed will step in — as they always have in recent years — to reverse price erosion before investors hit the panic button. Signs are ever-so-mildly bullish with the impulse leg generated yesterday on the hourly chart. The pullback shown low may not hold, but if does we should look for a thrust to p=142^04 at a minimum, or to D=143^07 if any higher.  The move could conceivably set up an appealing bull play for camo traders once the entry signal is tripped, but you may need to zoom down to the 15-minute chart or less to keep risk down to a four-tick minimum.