ESU11 – September E-Mini S&P (Last:1279.75)

September E-mini S&P (ESU11) price chart with targetsThe futures are down slightly in night trading, presumably to give the boys running run to stick it to shorts again on Wednesday.  Night owls can try bottom-fishing at 1279.00, the ‘D’ target of the retracement pattern shown. Its sibling midpoint may endure even though it has already been exceeded by two ticks, but any further slippage would likely send the futures groping for traction down to the 1279.00 target. Since there’s a coincidental structural low at 1279.50, camouflage is the preferred method for getting long here.  Keep in mind that the futures need only hit 1290.25 today to be in a position to bully bears until week’s end or longer. _____ UPDATE (2:23 a.m. EDT): The futures took a feeble, 2-point bounce from the 1279.00 pivot and then relapsed to a so-far low three ticks beneath it. I’d suggest exiting now for a small profit, since the slight breach hints of further weakness ahead.