ESU12 – September E-Mini S&P (Last:1408.50)

Yesterday’s low took out the 1404.50 midpoint support of the pattern shown, hinting of more weakness to come.  Assuming nothing happens to change traders’ wishy-washy mood overnight, we might expect the downtrend to continue to 1393.25, the ‘D’ target of the pattern.  You can bottom-fish there, but only using camouflage, since the support lies in the thick of a bunch of “structural’ lows made between August 5-13.  Click here for a free trial subscription that will allow you access to all features and services at Rick’s Picks, including real-time updates and a chat room that draws experienced traders from around the world 24/7.