ESH11 – March E-Mini S&P (Last:1267.25)

march E-Mini S&P (ESH11) price chart with targetsThe futures have been screwing the pooch for a week and a day, unable to rally but equally unable to sell off.  My immediate bias remains bearish nonetheless, and cautious in a bigger way, because of the futures’ recent failure, by 1.75 points, to reach a modest rally target at 1278.75. The key number for Monday night and early Tuesday — insignificant in any context larger than that — is 1268.50, the Hidden Pivot midpoint of the pattern shown. A decisive penetration would portend more upside to 1279.00 — a high that would be marginally above the one created last Thursday.  Since a stall at that height after an ostensible breakout could be the start of something nasty, I would strongly recommend trying to board the first southbound abc pattern thereafter on the very lesser charts.