The likelihood of further downside action is increasing and we will still watch 973.25 as a potential reversal area, but are not as enthusiastic about fading long there as downside momentum could develop.  Nor will we short a retracement until the low is taken out at 977.50.  970.50 and 964.75 are the next downside targets after 973.25.  We won’t try to get long unless and until the market gets back above 985.00, with the possible exception of playing the POMO-close long in the late afternoon.