ESU13 – September E-Mini S&P (Last:1558.75)

It’s early Monday morning and the futures have been down the equivalent of 100 Dow points so far.  Fading Sunday night selloffs is usually a winner, but I’d caution against doing so before the September contract has touched the 1559.75 correction target shown. (Note: At that point, the Dow would be off by about 220 points.)   Since that would be the culmination of a bear cycle that has taken a little more than a month to play out, we should expect a significant bounce of perhaps 2-3 days before bears could push this vehicle still lower. However, if the Hidden pivot support survives for just a short while — say, an hour or two — we should infer that considerable selling remains to be spent. ________ UPDATE (10:56 a.m. EDT): The futures overshot the crystal-clear target given above, meaning sellers have at least one more wave of punishment to inflict on this vehicle. My current target at 1518.50 is a c-d extension of the larger pattern shown, as follows: A=1649.00  (6/19 at 5:00 a.m. EDT); B=1577.00 (6/20 at 4:15 p.m.)