The futures face jeopardy over the near term to as low as 804.40. That’s a Hidden Pivot, and it was derived from a pattern that looks authoritative because of the way the A-B impulse leg was formed. Notice in the accompanying chart how point ‘B’ exceeded the very subtle but key low recorded three days earlier. The overshoot was by just a single tick, but that’s enough to suggest that the downtrend is likely to produce a follow-through C-D leg. There are two ways the bear could be waylaid, however: 1) by a rally from the 828.70 midpoint that exceeds 854.50; or 2) by a rally from no lower than 828.80 that surpasses 861.50.