ESU10 – September E-Mini S&P (Last:1065.50)

It’s difficult to imagine that yesterday’s price action will turn out to have been distribution, so we’ll assume the futures are going higher into week’s end. The Dark Arts of Hidden Pivotry suggest 1105.50 is possible, but we should also pay heed to the 0.618 Fibo line. Relative to the selloff from the summer solstice high, it comes in at 1081.25 and seems like a logical minimum upside target now that the 50% line at 1066.25 has been breached. Alternatively, if the futures should astonish and delight by collapsing, a midpoint support at 1030.50 will be in play provided 1068.50 has not been exceeded first.