ESZ13 – December E-Mini S&P (Last:1679.50)

So now the rumored deal on the debt ceiling supposedly is in jeopardy. What will the criminal lunatics who short-squeezed the Dow for 323 undeserved points yesterday do next? The night shift has seen this vehicle down 11 points so far, but DaBoyz have since been able to engineer a 7-point pump-and-dump rally. Absent a deal on Capitol Hill Thursday night, there could be an avalanche of remorse at the opening bell. My hunch, however,  is that things will be more subdued, and that traders will be gambling that the weekend will produce ‘progress’ in Washington.  Under the circumstances, the futures are a scalp-trade right now at best, and you should therefore do your hunting on charts of 15-minute degree or less.  This yields a bearish picture at the moment (i.e., 6:59 p.m. EDT), but I’d be looking to get long nevertheless near the 1675.25 p midpoint pivot shown.  If it gives way easily, however, take it as a warning that the avalanche of remorse could indeed be on its way.