ESU10 – September E-Mini S&P (Last:1061.75)

September E-Mini S&P (ESU10) price chart with targetsTwo days later, and already I’ve forgotten just what was supposed to have caused stocks to fall so hard on Friday. In any event, the selloff brought a 1035.75 midpoint support into play as a logical minimum downside objective. The target is shown in the accompanying chart, and it looks compelling enough to suggest we should hold a bearish bias until it is reached. A short or a long derived from the target should be tied to a camouflage entry, since Sunday night’s flabby action looked “difficult” to short, and because midpoint supports off the daily chart will rarely be precisely reliable for bottom-fishing.