ESU10 – September E-Mini S&P (Last:1091.00)

The futures took a drubbing yesterday and appeared bound for at least 1089.00 at the close. That’s a minor Hidden Pivot midpoint, but if it’s bruised we can infer the more selling awaits with the potential to reach its ‘d’ sibling at 1081.25. This is just little stuff, but keep in mind that the weakness could come all the way down to 1063.50 and still be considered a healthy retracement of a still-robust bull trend. That would represent a 0.618 correction of the rally begun from 1037.50 on August 31, and it could set the stage for a powerful new rally leg with 70 points of potential.  The onset of such a rally would be signaled by a booster-stage thrust of 17.50 points beginning from anywhere north of 1063.50.