ESZ12 – December E-Mini S&P (Last:1380.25)

I’d say odds are slim to none that the futures will avoid falling to the 1364.50 target disseminated via yesterday’s update. This could spell opportunity for us, however, since, as I made clear during yesterday’s tutorial session, the bounce from the 1384.00 will be shortable near the p midpoint — now resistance — at 1399.25.  If and when it’s reached, I’ll suggest initiating the trade using camouflage on perhaps the one- or three-minute chart. ______ UPDATE (2:41 p.m. EST):  This one was a dead-center bullseye, since the high of the bounce from Wednesday’s 1384.00 low was 1399.75.  Some chat-roomers reported having gotten short, so the value of the midpoint was not merely hypothetical. For your further guidance, I am establishing a tracking position of two contracts remaining from an original position of four. If you take profits on half of the initial four here, near 1380.00 it will yield an effective cost basis of 1418.00 for the two contracts that will remain. For now, tie them to an impulse-leg stop of hourly degree. This implies exiting on a rally that is unpaused between two ‘external’ peaks at, respectively, 1397.50 and 1399.75.