ESH12 – March E-Mini S&P (Last:1206.75)

March E-Mini S&P (ESH12) price chart with targetsWe are long a single contract with a cost basis of 1156.00. The 17-point drop from Friday’s high missed our 1207.75 stop-loss by two ticks, but be prepared to exit on that number Sunday night. That would give us a gain worth a little more than $2500 on paper.  ______ UPDATE (7:29 p.m. EST): The futures touched the stop moments ago, so we’ll move to the sidelines. It’s always hard to tell about these Sunday night shakedowns, but we’ll avoid this one since both ‘p’ (1206.00 ) and ‘D’ 1197.75 coincide with previous lows that are likely to entice the riff-raff into bottom-fishing.  However, if the futures get away from the dirtballs who are maneuvering them lower at this moment, they could plummet to 1179.00. That’s a Hidden Pivot you can bottom-fish either with camouflage or an 1179.25 bid, stop 1178.25.  Its ‘p’ sibling lies at 1202.00, but bidding there is suggested only for those able to employ camouflage. If an order fills there via a picture perfect ‘camo’ reversal, I’ll establish a tracking position of four contracts for your further guidance. _______ FURTHER GUIDANCE (11:12 a.m. EST): We initiated a long position at 1206.00 following a perfect ‘camo’ pattern off an overnight bottom at 1201.75. On the 10-minute chart, the abc coordinates — all single-bar! — lay, respectively, at 1201.75, 1207.75 and 1204.50.  Two contracts were to have been exited at the 1207.50 ‘p’ midpoint, and a third at d=1210.50. This gave us a profit-adjusted cost basis of 1198.50 for the contract that remained. It was exited minutes ago at 1210.75, based on the bearish impulse leg created via a dip beneath the 1211.00 ‘external’ low recorded on the way up at 4:10 a.m. Our theoretical paper profit for each four-lot entered was $600. It would seem that in a trendless market that has been serving up crap for…months, that nailing tradable intraday swings in this vehicle is as easy as shooting fish in a barrel.