ESU10 – September E-Mini S&P (Last:1077.00)

It’s difficult to recall a Sunday night when the futures were not being squeezed higher.  This con-job is pretty lame, though, at least so far, and it will need to get past a midpoint resistance at 1078.50 in any event to open a path to 1086.25, its sibling midpoint. Camouflage for the bull trade will be tough to find, since Friday’s end-of-day rally has been in a shallow consolidation since, but you can short 1086.25 with a stop-loss as tight as 1.00 point. _______ UPDATE (10:04 a.m. EDT): The futures faked their way to 1079.75 overnight, exceeding the midpoint resistance noted above by 1.25 points. We’ll categorize it as a midpoint failure nonetheless — close enough for government work. The pullback has been feeble so far, however, suggesting that sellers and short-coverers will spend most or all of the day thumb-wrestling.