ESU11 – September E-Mini S&P (Last:1258.25.75)

September E-mini S&P (ESU11) price chart with targetsPrice action at week’s end was moderately bullish for the near term, since the pullback that followed an impulsive upthrust was not sufficient to create an offsetting, bearish leg on the hourly chart. Even so, the follow-through so far has been feeble, and the futures will need to push above 1271.00, a Hidden Pivot midpoint shown in the chart, to seize the advantage.  Night owls may need to zoom down to the three- or five-minute chart to catch a ride, but there could also be a second opportunity if the futures pull back after slightly breaching the 1279.75 ‘look-to-the-left’ peak shown. _______ UPDATE (1:59 a.m.):  DaBoyz have manipulated the futures eight points lower in an attempt to exhaust sellers ahead of Monday’s opening. At the moment, there are no downside pivots as compelling as the conventional structural support at 1252.25 created by last week’s low, but if it breaks down and the selling turns nasty, look for more weakness down to at least 1242.50. Day traders can bottom-fish that Hidden Pivot support with a stop-loss as tight as three ticks.