Friday’s avalanche crushed a 25,741 target we were using to stay comfortably on the right side of last week’s carnage. The Hidden Pivot support evinced no bounce whatsoever, implying sellers are not yet spent and that the plunge is likely to spill into next week.  Accordingly, I’ll recommend using the 25426 target shown (see inset) as a minimum downside projection. If it is easily exceeded, shift the target down to 25314. If that last number gives way easily, take it as a sign that bulls, for the first time in years, are seriously on the run. _______ UPDATE (Feb 5, 9:40 p.m.) Sellers have shredded numerous Hidden Pivot supports effortlessly, making the unstoppable power of this downtrend increasingly apparent each step of the way. Look for a bounce from the 23995 midpoint support shown, but please note that if gets trounced the 23197 target would be in play.
_______ UPDATE (6:34 a.m.): The E-mini Dow made an overnight low at 23088, a little more than a hundred points beneath the 23,197 target flagged above. This has bearish implications for Tuesday despite the powerful overnight bounce to 24,120. Basis the mini-futures, and assuming the overnight high at 24120 is not exceeded, we could see a drop to 22928, or even to 21,735 if things turn really ugly.