ESM10 – June E-Mini S&P (Last:1057.25)

DaBoyz have allowed the futures to fall 16 points tonight in an attempt to scare up a bottom they can buy confidently.  Another four points will get them to an obvious spot — perhaps too obvious — Friday’s 1051.25 low. Nor is it a healthy sign that the June contract has dipped beneath the May 6 panic low twice in the last two sessions without producing much of a bounce. Bottom line: the 1022.75 minimum downside target still looks like a lead-pipe cinch.  Bulls would gain respite on a print today exceeding 1093.75, however, since that would create a quite robust impulse leg on the hourly chart.