ESM10 – June E-Mini S&P (Last:1056.75)

June E-Mini S&P price chart with targetsDaBoyz have joined forces with nervous shorts and sundry other whack-jobs this evening to recoup (so far) 7 points of Monday’s loss on the usual, almost non-existent, volume. This doesn’t much affect the bearish targets we identified here yesterday — 1022, 1014 and 997 in succession — but it could set up a good opportunity to short this hog into illusory strength on Tuesday.  Night owls can try a more delicate maneuver, shorting 1057.00 with a 1057.75 stop-loss.  This  very speculative trade is based on the pattern shown in the chart._______ UPDATE (1:26 a.m. EDT):  This trade has been an easy winner so far, since the futures head-faked to our number exactly, 1057.00, stopping out the 1056.75 high made two hours earlier before dropping back to 1054.00.  Cover half the position between 1054.00 and 1055.00, using a fixed stop at 1056.75 for what remains. (I’ll assume two contracts for your further guidance.) If the futures fall to 1052.00, cover another contract and swing for the fences with the short contract that’s left.  _______ UPDATE (3:33 a.m. EDT): A  spike to 1061.00 stopped us out overnight for a theoretical gain of about $300.