Directional Bias For The Day: S&P Futures are sharply lower Moving down from 242474.50, high at 4:00 PM on August 9; second leg down from high of 2469.00 at 2:30 AM; forming a bearish ABCD pattern; 100% and 161.8% extension targets met Odds are for a down day – watch for break above 2469.00 for a change of fortunes Key economic data due: PPI (-0.1% vs. 0.1% est.); Core PPI…