ESZ10 – E-Mini S&P (Last:1204.75)

E-mini S&P (ESZ10) price chart with targetsThe futures wasted an entire day failing to fall to an in-our-face Hidden Pivot support at 1194.00. The target remains valid nonetheless, and you can plan once again on bottom-fishing with an 1194.25 bid, stop 1193.50.  I don’t intend for you to take this position home over the weekend, so don’t initiate the trade so late in the day that you might have trouble exiting by the close.  Since the market’s resilience yesterday came on a day when bad news from Cisco should have caused stocks to get schmeissed, there is always that chance they’ll go higher today.  This would be a non-event, however, until such time as 1219.75 is reached, since that’s where a bullish impulse leg would be created on the 15-minute chart. _______ UPDATE (8:58 a.m. ET):  I blew a nice trade by not following my own rule, which says:  Put the stop-loss below the next whole number — in this case, 1193.00.  The implied 1192.75 stop-loss — rather than the showboatingly tight 1193.50 that I advised — would have caught the subsequent 13-point rally and provided an effortless ride to a gain of as much as $650 per contract.