I like the moderately bearish,  2387.75 target as much as any I am able to find on the intraday charts, but that’s not saying much, since the dirge of the last five weeks has generated price bars that do not speak with much clarity. Moreover, it wouldn’t take much for bulls to negate the slight downtrend’s promise: just a small rally on Tuesday exceeding the external peak at 2432.25 that I’ve labeled would do the trick. Still, I wouldn’t give up on the possibility of a refreshing plunge sometime soon, since buyers would still need to rack on an additional 16 points, hitting 2448.00, to put bears back on their heels.  All in all, a very mixed bag. Summer doldrums are here, but let’s not be lulled, especially since August in particular has a long history of producing very important tops._______ UPDATE (Jul 11, 7:55 p.m.): Tuesday’s gratuitous ups and downs amounted to the technical equivalent of a hacking cough — i.e., pure annoyance. If there is anything to read into it, we should notice that the short squeeze around mid-morning couldn’t even generate an impulse leg on the hourly chart. This is mildly bearish, but probably nothing DaBoyz can’t overcome on Wednesday with a little quasi-criminal magic.