ESM12 – June E-Mini S&P (Last:1387.50)

June E-Mini S&P (ESM12) price chart with targetsIf bulls are going to reverse two days of moderate weakness, look for them to make their move near the 1392.25 midpoint pivot of the pattern shown.  Since the pivot is just a tick above an obvious structural support at 1392.00, the most effective way to trigger a low-budget liftoff would be to run stops just below the support.  Accordingly, traders should look for a camo abc rally on charts of 3-minute degree or less to get long at the pattern’s point ‘X’.  ________ UPDATE (11:37 a.m. EDT): An easy breach of the midpoint support has put the futures on course for a further fall to 1385.25, its ‘d’ sibling. You can bottom-fish there with as tight a stop-loss as you can abide. Click here for information about the upcoming Hidden Pivot webinar and a coupon good for a $50 discount.)