ESZ10 – E-Mini S&P (Last:1208.25)

E-mini S&P price chart with targetsAn old target at 1233.75 is still valid in theory, although it surprised me that DaBoyz could not reach it in the heavily manipulated opening minutes of yesterday’s session.  The downturn that ensued instead projects to 1201.50, subject to a possible bounce from the midpoint at 1206.75.  Night owls can try bottom-fishing that last number with a three-tick stop-loss, but it looks too close to a structural support formed by yesterday’s 1206.25 low to be considered opportune.  _______ UPDATE (8:14 a.m. ET):  The futures spent the night screwing the pooch, a pursuit they seem likely to continue on Wednesday. Since the upward feint marginally exceeded the point ‘C’ of the pattern used to project the two correction targets, we’ll scrap the trading plans detailed above.