ESZ14 – December E-Mini S&P (Last:2057.75)

Night owls can try bottom-fishing at the 2053.00 midpoint support, but I’ll suggest bringing the bid down by two ticks, to 2052.50, for a more conservative play. This Hidden Pivot looks likely to be hit overnight, but regardless, if it gives way easily you should assume more weakness to at least 2042.75 impends. _______ UPDATE (10:33 a.m. EST): The futures signaled more weakness overnight when they breached the 1253.00 midpoint support by 3.50 points. The downtrend took a small bounce off 2042.75 before heading still lower, to a low-of-the day current price of 2034.25._______ UPDATE (7:42 p.m.): A stall at the 2059.50 midpoint pivot shown has validated the pattern itself, implying that any progress above it could be expected to reach a minimum 2068.00. As always, an easy move through a pivot would imply that the trend is likely to continue. _________ UPDATE (3:03 p..m.):  Ahhh, that rarest of delights! The stock market is falling for a third straight day — getting its ass kicked at the moment, with the Dow down 280 points. My target is 17,447, implying about 75 more points of slippage over the near-term. Equivalent target for the E-Mini S&P is 2018.25.