The 1053.00 target given here yesterday remains valid, but the bullish case for the near term was weakened by the fact that all of yesterday’s action took place below a 1027.75 peak recorded on the way down a week ago. Because the plunge from that peak would have trapped many bulls, we should regard it as daunting if not impermeable.  If the futures take a stab at it today, the effort should be considered ineffectual unless it exceeds the look-to-the-left peak  at 1031.00 recorded on August 30.