ESZ10 – E-Mini S&P (Last:1179.75)

The trade I advised yesterday from 1192.25 would have allowed you to get short two ticks off the intraday high, and to reap a paper gain thereof of anywhere from $200 and $550 per contract. (Some of you may still be short if you followed my advice to swing for the fences by holding at least a small portion of the original position against an adjusted, 1993.00 stop-loss.)  Let’s see if we can do it again tonight, bottom-fishing a Hidden Pivot support at 1177.75 with a bid there and an 1176.75 stop-loss.  On the 3-minute chart, the coordinates yielding that target are: A=1193.00, B=1182.50, and C=1188.25. _______ UPDATE (10:40 a.m. EDT):  The pivot at 1177.75 evinced no support whatsoever, and so we were stopped out with a 1.00-point ($50) traidng loss. This implies more weakness ahead, but buyers could negate it with a thrust exceeding 1188.25.