ESZ09 – E-Mini S&P (Last:1038.50)

Yesterday’s tiresome mess pointed lower — to 1043.50, a Hidden Pivot that you can bottom-fish with a three-tick stop-loss up until 10 a.m. EDT. I somewhat like this set-up because the whoopee-cushion bounce early in the session came from within a single tick of the midpoint pivot noted in the chart. _______ UPDATE (12:30 a.m. EDT):  During Tuesday evening’s Hidden Pivot Seminar, I noticed a lovely opportunity developing on the hourly chart:  bottom-fish 1053.50, stop 1052.75.  That’s a Hidden Pivot, and it will remain viable as long as the point ‘C’ of the pattern, 1069.25, is not exceeded first.  If the support is exceeded, its sibling ‘D’ target at 1037.75 would become my minimum downside objective. I have replaced the original chart that was displayed with this tout to show you a pattern that has a half-dozen things to love:  1) single-bar A, B and C; 2) strong sibling resemblance between B-C and k-A segments; 3) poor symmetry; 4) non-sausage ‘B’; 5) obscure ABC-ness; 6) point ‘B’ located in the middle of outer space.  All slowly unfolding in the dead of night.  I sy, Go for it!   _______ FURTHER UPDATE(10:48 a.m. EDT):  Nice. The overnight low was 1052.50, so my three-tick stop-loss needed two more ticks to have caught the 7.50-point rally that followed.  Was the stop-loss too tight in theory?  I don’t think so.  The pattern was so perfect that I would do it again, same way.  Now, because the low has been taken out overnight, we can be nearly certain the selling will come down to 1037.75.  I’ll let you determine the stop-loss on this one, but it wouldn’t hurt to be short while you wait. ______ FINAL UPDATE (1038.00): A huge, huge surprise:  ES dropped steadily for the last three hours of the day, hitting 1038.00 fifteen minutes after the day session ended.