ESU09 – E-Mini S&P (Last:994.00)

There’s a midpoint support at 996.00 that night owls can use to bottom-fish, but I’d risk no more than three ticks on this, bidding 996.25, stop 995.75.  If the stop is hit, that would be telegraphing more weakness down to as low as 988.50 over the very near-term.  Although the 1008.25 rally target is still valid in theory, its potential usefulness has been invalidated by tedium. ______ UPDATE (12:32 p.m. EDT):  The latest installment of pump-and-dump produced a high in the opening minutes at 1007.75, so you should consider our target spent. This little hoax will have caught more than the usual share of bulls flat-footed, so don’t expect a rally into positive territory today.