ESU10 – September E-Mini S&P (Last:1094.00)

The futures flirted at day’s end with an 1190.75 target disseminated in the chat room before cracking the support and touching a low of 1189.25.  The 1.25-point overshoot is sufficient for us to infer that more weakness lies ahead, and so I’d suggest that traders — including, possibly, night owls — look to get short near 1104.00, the midpoint support that was cracked on the way down to 1190.75. A mechanical short from that pivot is not advised; rather, you should look for camouflage — meaning, perhaps, an entry at the point ‘X’ of a downtrend on the one- or three-minute chart. In any case, 1104.00 is the most logical spot for a short-squeeze to sputter out Tuesday night or Wednesday morning, although the futures may not get that far.