ESU10 – September E-Mini S&P (Last:1041.00)

September E-Mini S&P (ESU10) price chart with targetsThe intraday charts have nothing of interest to say at the moment — other, perhaps, than to traders keen on scalping the one-minute bars. Bulls would mount a credible threat once above 1104.00, a midpoint Hidden Pivot resistance, but anything less should be regarded as mere noise.  It would only take a push up to 1084.25, however, to create a presumably doomed impulse leg on the hourly chart. _______ UPDATE (2:44 a.m. EDT): The futures have broken a key support at 1062.75 that was noted in “Today’s Action.”  This is most unusual, since the Mini-indexes rarely sell off and night, and even when they do, the selling almost never breaches visually obvious support.  The weakness projects to 1046.75, with a midpoint support — now resistance — at 1063.25 (5-minute chart, A=1095.75 on June 23; B=1062.75; and C=1079.75; see inset). Shorts can use a conventional point ‘X’ entry off any ABC pattern on the 5-minute chart, but the more conservative play would be to bottom-fish at the 1046.75 target with a 1.00 point stop-loss.  Please note that, with weakness in plain view of all, DaBoyz are going to give it everything they’ve got to create a phony rally for purposes of distributing stock. So that you are not caught unawares, I’d suggest using an impulse leg on the 3-minute chart to warn if a head-fake is imminent. ______ UPDATE (10:35 a.m. EDT):  The Hidden Pivot at 1046.75 gave us a comfortably tradable bounce, but we scratched the position (after taking a partial profit) when ES collapsed anew upon release of alarming consumer confidence numbers.  Considering the Dow is down 280 points, we didn’t do too terribly badly on a bull play. Consumer confidence came in at 52.9 versus an expected 62.7 — a margin of error so large that we can only infer that it was economists alone whose expectations were being referenced. Whoever’s stupid expectations they were, you can expect the pundits and the news media to treat them next month as the Gospel truth.