I’m still holding to a 1040.25 downside target, although bears may die from the effort, so fearsome has been their struggle to take this vehicle down.  There’s another, lesser Hidden Pivot support at 1047.00 that we can use as an interim target, since its sibling midpoint at 1063.50 has already been decisively breached. If and when the downtrend achieves 1047.00, that would take out July 20’s key low at 1050.75, generating a robustly new impulse leg on the hourly chart. _____ UPDATE:  And what a struggle it was, once again, for the bears!  They had some of the worst housing-starts data of the last hundred years to work with, and even though such news should have sent stocks straight downhill, the Dow ended the day 50 points off its lows, down a mere 133 points.  Scary!  With administered rates already at zero, we can rule out expectations of more easing as a cause of yesterday’s relatively modest loss.