ESZ09 – E-Mini S&P (Last:1052.25)

If the futures can close above a 1061.00 midpoint resistance, they presumably would be bound for a minimum 1086.00, its ‘D’ sibling. They are showing surprising timidity, however, and so a downside target at 1025.75 must be given equal weight. The midpoint support corresponding to that number is 1045.75, so a close beneath it, or a decisive penetration intraday, would hint of more weakness to come. Actually, yesterday’s low at 1041.50 was probably decisive enough to imply the futures are already bound for 1025.75. That last number can be bottom-fished with a stop-loss as tight as two ticks, but don’t do the trade unless there is enough time remaining in the session to exit it. _______ UPDATE: The futures plummeted 25 points as expected, recording a low just before the bell at 1024.50 – 1.25 points below where predicted. The low occurred too late in the session to be worth much for trading purposes, but in any event, the suggestion of a two-tick stop-loss should have prompted you to ask:  What the heck was Rick thinking!?  

Tagged as: E-Mini S&P, ESZ09, Forecast