ESZ09 – E-Mini S&P (Last:1092.50)

The futures sagged after DaBoyz unloaded into Friday’s briefly buoyant opening, but even after being ripped off in that way, buyers returned to drive a rally that was impulsive on the lesser charts. It went nowhere, but still, buyers were able to land a couple of body blows that turned the short-term picture from ever-so-slightly bearish to inconclusive. If they are to regain the upper hand, Sunday night action should see the futures dip no lower than 1079.25.  If that midpoint support gets trashed, however, expect the weakness to continue down to at least 1070.25. You can bottom-fish there, stop 1069.50, till 10 a.m. EDT, provided the 1088.25 point ‘C’ of the pattern has not been exceeded. _______ UPDATE (2:46 a.m.):  Zoom the 5-minute chart to the size of a barn door, and tonight’s rally from 1076.25 starts to look impressive, but it is otherwise pretty timid stuff for a Sunday night. Youll need to drop all the way down to the two-minute chart to create some external peaks for “camouflage” along the wall of Friday’s decline. The closest such resistance lies at 1084.75, and that will be where DaBoyz must decide whether the ingredients are present for a short-squeeze attempt. ________FURTHER UPDATE (11:23 a.m.): On the 2-minute chart mentioned, “camouflage” entry yielded an easy winner once the futures surpassed 1084.75.  They kept going to form a ‘B’ high at 1086.25, then a pullback ‘C’ at 1085.  With ‘A’ at 1081.25, entry would have come at 1086.25, and you never looked back.