ESM09 – E-Mini S&P (Last:941.75)

Two minor Hidden Pivots just above will  not be worth much to us, since both coincide with highs recorded, respectively, yesterday and Friday. For the record, the higher of the pivots lies at 957.00, two tick off Friday’s peak. That makes resistance there doubly daunting, so any thrust that makes short work of it, pushing through granite within 30 or so minutes of first touching it, should be presumed a warm-up for more bullish action. ______ UPDATE (1:47 p.m.): I suggested shorting 944.75 with a three-tick stop-loss during this morning’s online briefing, and the trade would have worked nicely, since the futures dropped 10 points thereafter from a 945.25 top that is still holding. The failure of the futures to reach the 955.25 ‘D’ target associated with 944.75 telegraphed the day’s weakness, although Wednesday will likely be a different kettle of fish.