ESU10 – September E-Mini S&P (Last:1022.00)

Blame seasonality for the fact that sellers were unable to put stocks down for the count yesterday.  Weakness remains the underlying theme, however, since DaBoyz were once again unable to rally the Dow back to unchanged even though volume was relatively light.  The 992.50 target we’ve been using remains as compelling as ever, but our joy-ride will still be subject to a possible short-squeeze rally today to as high as 1061.00, the midpoint sibling of 992.50.  I wouldn’t suggest shorting there mechanically if the opportunity arrives, but it shouldn’t be too difficult to find camouflage on the first ‘abc’ downtrend following a print at or near 1161.00.