Stocks have topped about where we’d expected, although the selloff so far has been too timid for us to judge whether the decline is likely to snowball. I wrote here on Sunday night that if the S&P futures did not decline precipitously from Friday’s record close, they’d be on their way up to at least 2910.00. They did fall, but how much is ‘precipitously’?  I’d say about 500 points for the Dow, or twice as much again as they fell on Monday.  For the E-Mini S&Ps, a further fall of about 50 points would suggest that bulls are finally getting their comeuppance. However, it wouldn’t take that much to hint that the S&Ps are in trouble. For a precise level, check my E-Mini S&P forecast below.