The Merseysiders have recovered well in recent weeks after a slow start to the season with the setback at the Britannia Stadium - which came courtesy of goals from Ricardo Fuller and Kenwyne Jones - their first in seven games in all competitions.
And former Fulham boss Hodgson believes trying to maintain a degree of equilibrium after wins and losses is key.
"I don't see why it (the defeat) should give us enormous reason to doubt what we are doing or doubt what we are capable of doing," he told the club's official website.
"I don't expect this result to dent confidence any more than any bad result does or any end to a good run dents your confidence.
"We are talking about two or three games in a season. I find it hard to have to explain that every time you win a game things are flying forward and when you get a bad result they are flying backwards.
"I'm a 38-to-55-game-a-season man and I make my judgment over that period.
"I don't get euphoric when we play well against Chelsea and I certainly won't become anything other than realistic and determined to move on to the next step when we lose a game.
"The conclusions that are being attempted to be drawn are too big conclusions.
"We're realistic. We know we've still got some work to do, get some players back to fitness and work at our game."
The international break will frustrate Hodgson's bid to work with his players over the next few days but he remains confident he will get it right.
He added: "All you can do is work but unfortunately we won't have a lot of chance to work as some players are going away with their national team.
"The longer we work together the more the players become attuned to what we want from them.
"I don't think I need to fear one setback is going to throw us back into a bad situation."