The futures ended June with a robustly bearish impulse leg, but the nasty follow-through we might have expected in July has unaccountably been held in check. It seemed to be unfolding in earnest after the opening yesterday, with the futures eating away at a sturdy midpoint support at 2041.25 (see inset).  After breaching this Hidden Pivot by a decisive six points, however, they whipped around and finished higher on the day.  Now, although the target a 2003.75 and a lesser one at 2022.50 remain valid in the event of a selloff, my hunch is that bears have grown too frustrated and fearful to try a takedown. On balance, I’d still look for lower prices into week’s end, but my hunch is that they will come only with a lot of herky-jerky action.