ESZ10 – E-Mini S&P (Last:1178.75)

Like Gold and Silver, the E-Mini S&P has done little damage to its daily chart in falling somewhat more than 50 points over the last few days. The picture would darken considerably, however, if the selling persists, driving the futures below 1155.50. That would create a bearish impulse leg of daily-chart degree, as well as make any subsequent bounce a tempting short sale. Trades today will most likely come from the 15-minute chart or lower, since there are no Hidden Pivot targets of consequence nearby. Structural supports exist in the form of prior lows near 1167.00, but their value to us lies only in their potential to become, through subtle breaches, elements of camouflage.