The Dow is trading exactly where it was two months ago, almost too tedious to watch. That of course means we should expect a “surprise” at any time, presumably one that holds rewards for neither bulls nor bears. The accompanying chart shows why it would not take much of a rally to create a powerful impulse leg on the daily chart. However, although this has been the case for more than a month, bulls have repeatedly failed to seize the opportunity. We’ll use a downside Hidden Pivot at 7923 as our minimum objective for now, subject to negation by a thrust exceeding 9654.