Although Monday’s selloff generated an unimpressive bearish impulse leg on the daily chart, we are obliged to give an aging bull the benefit of the doubt until this feat has been surpassed with the creation of a strong impulse leg on the weekly chart. That hasn’t happened since 2009, when the S&P futures were in the throes of a stunning 58% decline. Our Hidden Pivot rule is that, to create an impulse leg, the downtrend must exceed at least one ‘internal’ and one ‘external’ low without a visually significant upward correction. Applying that rule here, we would need to see an unpaused plunge beneath the 1958.50 low (#3 in the chart) to say with confidence that the bull is dead. More immediately, it would require only a breach of 2050.00 (#8) to suggest this speculatively.