ESM10 – June E-Mini S&P (Last:1056.50)

E-Mini S&P (ESM10) price chart with targetsThe futures have been down as much as 14 points Sunday night. This would be just a routine shakedown if not for the fact that the so-far low exceeded  the key bottom at 1055.50 recorded ten days ago.   A subsequent rally has generated a little short covering, but the action looks so feeble that one might infer bears are not very nervous about starting the week with big stacks of chips on the “Don’t Pass” line.  I’ve drum-rolled a target at 1022 in today’s commentary, and you can nibble there with a tight top-loss, but keep in mind that a breach of that Hidden Pivot by more than 1.50 points would imply more downside to at least 1014, or possibly even to as low as 997 (a back-up-the-truck number for bottom-fishing).  FYI, bulls would need to hoist this cinder block above 1088 today to mount a credible threat.