DaBoyz have rallied the futures shortly after dawn, but the buying is faint, and it is taking place after the breach of a very clear Hidden Pivot support at 1874.75. Taken together, these two factor suggest it won’t get very far — that it is in fact a tempting short sale even now. On the one minute chart, you can use the 1879.50 target to do so. To simplify the trade, and to reduce risk as much as possible, I’ll suggest initiating the trade with a single contract, stop 1880.25. This target is fresh and timely, posted at around 8:15 a.m. Eastern, so we will not have to worry as much about pumping heads with the village idiots and the algos. Moreover, if this promising (but very minor) resistance is easily brushed aside, you can infer that shorts will be on the ropes for yet a few more hours today. I have trouble believing, however, that any rally will get far. _______ UPDATE (8:36 a.m. EDT): You should be out of the short, since the trade was stopped out less than two minutes after entry. At the moment, the futures appear to be consolidating after having exceeded the target by a relatively whopping 1.50 points. This does not mitigate the idea that every rally in this vehicle should be regarded as an chance to get short. My hunch is that the next try at an upthrust on the lseer charts will fail.
