ESU09 – E-Mini S&P (Last:987.50)

I put out a shortable target at 993.25 in the chat room yesterday more than an hour before the close, but the futures went nowhere, and the absolutely lifeless action since has turned the pivot to dross; it is no longer usable.  I’ve included a chart so you can see for yourself that, despite the tedium, there are still excellent opportunities to be had intraday. They can be found mainly on the lesser charts in instances where all of our Hidden Pivot rules have been met. In this case, we’ve got ’em in spades: 1)  A, B & C coordinates all etched by a single bar; 2) a quite subtle, one-off ‘A’;   3) an impulse leg that has quietly pushed past the required two prior peaks, and 4)  a meandering C-D leg to keep other traders and technicians from recognizing the rules-based charm of the overall pattern. What we lacked was enough buying energy to get the futures to the target. Still, seven hours later, longs from the conventional point ‘X’ entry would still be in-the-black, if only slightly. _______ UPDATE (3:25 a.m.): With Asian markets getting sacked once again, the E-Mini S&P is discounting a potentially nasty opening. The futures have been down as much as 10 points so far tonight, hitting a low of 979.50, but the selling could continue to 958.50 or even lower if the 974.25 midpoint support asssociated with that Hidden Pivot gives way.