ESM09 – E-Mini S&P (Last:807.50)

Only the little stuff looks tradable at the moment (i.e., 1o:30 p.m. EDT). Nor are we inclined to hazard a prediction about Wednesday’s action, although, to judge from the glum note that ended Tuesday’s session, the burden of proof will fall on bulls when stocks begin to trade this morning.  Although there’s a Hidden Pivot support at 762.50 that we can use as a downside target if the selling picks up, it’s not sufficiently appealing to warrant bottom-fishing there. ______ UPDATE (2:36 p.m.): The futures traded no lower than 779.00 overnight, denying us a boarding pass via bottom-fishing. The subsequent short-squeeze has exceeded an 808.00 target by three ticks so far and should be presumed bound for at least 814.25 if it goes any higher.