ESZ09 – E-Mini S&P (Last:1039.25)

The futures looked to be struggling in vain to avoid a descent to 1012.75, the nearest obvious Hidden Pivot south of these levels.  The midpoint associated with that number is 1038.75, so any rally that gets near that number should be viewed as an opportunity to get short.  That would presumably be  accomplished at a retracement-rally midpoint or ‘d’ target, but you needn’t be stingy with the stop-loss, since there’d be 26 points of potential profits in the offing.  The downside target would be invalidated by a big rally above 1064.00 (aka point ‘C”), but bears should turn cautious on anything above 1048.00, since that would generate a robustly bullish impulse leg on the 10-minute chart. ______ UPDATE (9:56 a.m. EST): No spurprise so far this morning. The futures died after a feeble short squeeze to 1041.50.  If you shorted the opening, I’d suggest playing for a minimum 1024.75, the midpoint support of a pattern on the hourly chat begun from Friday’s  day-session high, 1061.75.  A judicious stop-loss is needed, since DaSleazeballs are not going to let the futures sink easily, having been denied proper time on the opening to cheat, rob and plunder widows and pensioners.  

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