ESH16 – March E-Mini S&P (Last:1946.00)

PerfectionThursday’s gratuitous price hump did little to dispel fears that the plunge of the past week may be about to grow even more ferocious.  Bulls would need to push this brick above the two peaks shown, the higher of which lies at 1991.00, to turns things around short-term. Otherwise, look for weakness to continue to at least 1911.00, a minor Hidden Pivot support. If it, too, gives way easily, the big-picture target at 1888.44 noted here earlier will be in play, with a worst-case of 1817.00 (!) if it cannot hold. _______ UPDATE (8:26 a.m. Friday EST): A short-squeeze rally overnight has stalled so far at the 1959.88 midpoint pivot associated with p2=1888.44.  It is bullishly impulsive nonetheless, with a D rally target at 1964.75. The coordinates used to determine that Hidden Pivot, on the 15-minute chart, are: a=1933.75 (1/7 at 8:00 p.m.); b=1960.50 (8:45 p.m.); and c=1938.00 (7:00 a.m.).  This is the most relevant trading pattern at the moment, confirmed by a stall moments ago at p=1951.38. ________ UPDATE (9:17 a.m.): The 1964.75 target given above came minutes ahead of a 13-point rally and caught the spike high to the exact tick. The pullback so far has been to 1944.50, implying that a short from the target would have produced a gain of $1000 per contract in 35 minutes. A long just before ESH went ballistic would have added an additional $650 per contract to the win.