How Far Could the Dow Futures Drop?

March Dow Futures have good support at 12,851 and the 12,740. If they cut it loose, there is support down at the 12,400 level,  at 12,382, which was low of the November puke fest after the US elections which saw a 724 point drop in 9 trading days, starting on the 7th and bottoming out on the 16th. 
Subsequently, March futures rallied 936 points from 12,382 up to 12,219 on the 19th.  Technically, it looks like a nice “v bottom ” on the daily charts.   That being said, what it looks like is we may just trade through this 1,000 pt mess for a while.
Its hard to get excited about any move til we test the highs or low of this range.
That being said, you can rest assured the media will get quiet on the highs and will get to squealing on the lows.

In the grains this morning,  good pick up in exports in the wheat but dismal corn and bean exports.Can CH fill that gap down to 83?  I’d bet yes.  Wheat looks over sold, and after a $1.00 break we could get a panicky short covering rally.  I’d be looking for a bounce here.
In the beans, I’d watch the 14.00 level in SH as support.  A move below signals a fresh leg down potentially.

That’s about it for now.

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