ESZ09 – E-Mini S&P (Last:1094.25)

The futures ended the day on a mild upswing, but that does not negate the fact that earlier weakness had penetrated a midpoint support at 1087.25.  This implied further downside to 1079.50, exactly four points beneath Friday’s intraday low.  The mood could change over the weekend, of course, but we should use 1079.50 as a minimum downside objective as long as the relevant point ‘C’ at 1095.25 is not exceeded to the upside first.  If it is, without the 1079.50 target being reached, that would have bullish implications for the near term. _______ UPDATE (12:20 a.m.): Shortly after midnight, the futures were playing chicken with the 1095.25 point ‘C’ noted above, but without having exceeded it.  If DaBoyz were really interested in buying stocks, they’d have found a way to manipulate the index futures lower by a few points tonight, not higher. Be that as it may, the buzzards will probably be able to trigger a mini-short squeeze if they can push ES above 1095.25.

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