ESZ10 – E-Mini S&P (Last:1143.00)

Yesterday’s whoopee-cushion decline overshot an 1124.75 target, suggesting there’s more weakness to come.  A new Hidden Pivot at 1110.00 can now serve as a minimum downside objective (see chart), but I don’t recommend bottom-fishing there because it coincides with a moderately important low recorded on September 15.  I doubt the support will hold for long in any case, and when it fails we should expect the futures to grope their way down to more substantial structural support near 1082 ______ UPDATE (1:19 p.m. EDT): The futures have mistakenly headed higher today — and with a vengeance, although, suspiciously, not with sufficient vengeance to surmount the week’s peak recorded on Tuesday. _______ UPDATE (1:51 p.m. EDT):  The vengeance has ratcheted up a click, surpassing Tuesday high, so shorts will end the week with a gun at their heads.  Immediate targets are 1144.25 (exceeded by one tick so far); and thence 1148.50; and finally, short-term, 1152.25.  As always, the penetration of any of those resistance points by more than a few ticks will imply the next is likely to be reached.