If you felt the sting of yesterday’s selloff, take encouragement from the fact that it looks merely corrective on the daily chart. That’s because the recent high at 1307.80 managed to exceed a prior ‘external’ peak recorded back in August before bulls took a breather. Healthy rallies tend to do this with each new thrust, creating fresh bullish impulse legs, while weak ones usually chicken out an inch shy of an earlier peak. The implication in this case is that when the presumptive correction ends, the next rally cycle could be good for as much as a $140 gain.  Expect more weakness in the meantime, however — for at least the next 2-3 days, that is — because yesterday’s low decisively exceeded a 1261.60 Hidden Pivot support by $10. ______ UPDATE (11:28 a.m. EST): After turning from a low of 1257.00, the futures have traded as high today as 1274.70.  Ordinarily I would say the reversal is ‘premature’, but because it has already exceeded a key ‘external’ peak at 1273.50 on the 15-minute chart, signs look good for continued strength.