ESZ11 – December Mini S&P (Last:1245.75)

December Mini S&P (ESZ11) price chart with targetsAlthough we usually use Hidden Pivots to trade prospective reversal points, I’ll suggest trying something new to break the deathly tedium of this corrective dirge, which is about to enter its fourth week. The pennant formation in the chart shown has picked up no fewer than five price points on the daily chart, and it would pick up a sixth if 1225.50 were reached to the downside today. You can bottom-fish this number with a stop-loss as tight as 1.00 pont.  FYI, the slope of the rising line would put our ‘buy’ point at around 1227.00 if the low were to occur on Thursday. A 1267.50 target should be used to get short if the futures instead rally today.