There were things for traders to do on Wednesday, but only if they were willing to hunker down on the lesser intraday charts for a tedious stretch of hours. One such opportunity is described in the current tout for the March E-Mini &P contract (see below). It is still ‘live’, with an unachieved target at 2240.00 that lies nearly 20 points below where the futures were noodling around as we went to press around 7:50 p.m. EST. Scalp-trades were possible from either side of the market, based on Hidden Pivot levels shown. I expect them to precisely define — make that, control — the mild selloff, assuming it continues overnight and on Thursday. If the March contract is going to turn around, look for it to happen at the 2254.75 midpoint Hidden Pivot, give or take no more than two ticks. _______ UPDATE (Dec 22, 9:52 a.m.): The futures have opened with a bounce from 2254.00, three ticks beneath the support noted above. In my estimation, that implies more weakness today. Bulls could turn things around, however, with a print at 2263.00.
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Tuesday, November 28, 2017
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