ESM09 – E-Mini S&P (Last:903.50)

The futures were struggling to go lower shortly before midnight — much as they did Sunday night when they telegraphed the next day’s strong rally.  Just below, the nearest Hidden Pivot support lies at 900.00, a midpoint whose ‘d’ sibling is 893.75. However, both numbers were getting shunned — a development that hinted of more rough times for shorts come Wednesday.  Night owls can buy-stop 908.75, a tick above a tiny peak whose breach would turn the 5-minute chart bullish. This advice applies only if the rally does not correct after  exceeding the first peak at 906.50 — and you’ll be on your own if the order fills.  Alternatively, the least risky place to try bottom-fishing overnight would be at 900.25, stop 898.75.  _______ UPDATE (10:15 a.m.):  The buy-stop would have worked nicely, since the futures rallied five points after touching it.  However, long positions would have required tending overnight, since  the futures dipped six points from the earlier high before taking off anew.  It should be clear to all by now that this rally is now being driven 99%+ by short-covering – and that pretty much everyone is as bearish and skeptical as we are. It will probably take an absolutely ruinous, once-in-a-lifetime blowoff to cure that condition.