ESH11 – March E-Mini S&P (Last:1298.25)

March E-mini S&P (ESH11) price chart with targetsThe futures have rebounded a bit after being down 14 points, roughly equivalent to 100 Dow points.  This is still within a range that has produced solid rallies on Mondays, but look out below if DaBoyz maneuver the broad averages so that they open in positive territory.  From a Hidden Pivot standpoint, my bias is negative, since Friday’s low somewhat exceeded a 1286.50 pivot that maxed-out all possible ‘d’ targets on the hourly chart.  Shortly after midnight EDT, dithering price action was forming a pennant, but as implied above, I’d be wary if it is used to pop the March contract into green territory on or shortly before the opening bell.