ESU10 – September E-Mini S&P (Last:1045.75)

Yesterday’s moderate drop can be ignored, just like all the others, and the rallies as well, since it only served to bring the Dow down to 10000. Let the Indoos close below that marquee number for two consecutive weekly bars, however, and then we can infer it’s more than mere noise. That is not to suggest I’m bullish, incidentally. Far from it, and I wouldn’t be surprised if April’s 1211.25 peak stands for fifty years. More immediately, a bunch of patterns on the intraday charts all point lower, albeit without much clarity, to the following Hidden Pivot supports: 1029.50, 1011.25 and 1001.00. Take your pick, but please note that none of these numbers is worth bottom-fishing without camouflage that would limit risk to three ticks. Finally, and for what it’s worth, bulls would need to hit 1080.50 today to get some, anything, going.