Friday’s refreshing plunge left sellers with unfinished business. Specifically, the E-Mini-Dow ended the session just shy of a p2 ‘secondary’ pivot at 17122 that was, and which remains, a logical minimum downside target for the near term. It is sufficiently isolated to warrant bottom-fishing with a stop-loss as tight as 17114, but please note that the D target at 17051 would be in play if the stop is hit. These number may be a little too delicate for trading purposes until we’ve seen how index futures open Sunday night. But assuming DaBoyz go timid on us because there are no headlines judged capable of moving the markets predictably, my targets can be used either for bottom-fishing or ‘mechanical’ shorting. As always, a decisive penetration of pivot would imply the next is likely to be reached. ______ UPDATE (5:27 p.m.): The low of yesterday’s early-morning selloff caught the bottom of a 265-point rally within two points of the 17051 target given above. If you used the target to get long, please let me know in the chart room and I’ll establish a tracking position for your further guidance.
