ESU10 – September E-Mini S&P (Last:1120.00)

Late this evening, the futures were in the throes of yet another Sunday night short-squeeze.  The high so far has been 1127.50, a single tick from the 1127.25 rally target we were using as a minimum upside target on  Friday.  The futures have since backed off as much as 10 points, but the hysteria that has already transpired might still require a catch-up rally in the Dow to 10572, a target that corresponds to the E-Mini target.  The pullback has alread exhausted an 1116.00 midpoint support and gone on to create a new and higher point ‘C’; otherwise, I might suggest bottom-fishing for night owls.