Two important technical thresholds lie not far below: 1) the 1280.00 midpoint support of the corrective abc pattern shown; and 2) a key structural support at 1271.80.  I would rate the first as the more important, since its decisive breach would probably spell more downside to at least 1126.10, its ‘D’ sibling.  The 1271.80 structural low could prove analytically useful nonetheless, since any ‘running of stops’ just beneath it would unburden the futures of profit-takers, presumably clearing the way for a strong rally.  Please note, however, that a marginal penetration of that number followed by a weak rally of perhaps $5 to 10 would be warning bulls to look out below. _______ UPDATE (September 24, 8:37 p.m. EDT): If the strong bounce off yesterday’s low continues past 1336.10 today, bulls will not only be out of immediate jeopardy (see above), they’ll be in good shape to regain the offensive.  Indeed, a close above 1345.00 would all but guarantee a continuation rally to at least 1384.40. (The provenance of these two Hidden Pivots is shown in the chart, a new one.) Traders looking to get long can use an ‘a-b’ pullback from between any of the half-dozen or so prior peaks recorded on the intraday charts since last Thursday.