ESZ10 – E-Mini S&P (Last:1159.25)

The futures were slip-sliding away shortly after midnight EDT, down the equivalent of 70 Dow points. My immediate target is 1151.50, a Hidden Pivot support that lies 1.75 points beneath the so-far overnight low, but because two of the three price coordinates are poorly defined, I wouldn’t attempt bottom-fishing there unless you know how to do it with “camouflage.”  Keep in mind that the daily chart, and not just the hourly, would turn very bearish on a drop today to 1127.00.  That’s the equivalent of 225 Dow points, but a slide of that magnitude is hardly inconceivable. The last such selloff occurred on August 11, so you could say we’re overdue. _______ UPDATE (11:15 a.m. EDT):  Although the futures did bottom overnight at 1151.75, a single tick from the target, camouflage entry opportunities, even on the 3-minute chart, were difficult to find. The first such place I can identify was at 1156.75 (8:33 a.m.), and although the C-D leg reached the midpoint, clinching a small theoretical profit (or at least no loss), the futures went nowhere (other than into the usual opening-hour, gratuitous conniptions).