ESH16 – March E-Mini S&P (Last:1919.50)

Night owls can useThe 1939.75 rally target caught the apex of yesterday’s bull trap rally within a single tick, allowing subscribers who got long for the ride up, and short for the subsequent ride down, to book a gain of as much as $2000 per contract. The target proved popular, judging from comments in the chat room from subscribers who used it coming, going or both.  Be careful not to pat yourself on the back so energetically that you miss the next turn. As implied by the previous tout, the futures could hit 1971.75 if they get second wind. That would represent a 0.618 upward retracement of January’s plunge.  More immediately, the March contract appeared to be the obedient slave of the Hidden Pivot pattern shown. The precise bounce from p2=1917.56 corroborates this, as well as the likelihood of a further fall to D=1914.25 if p2 is breached.  If you stayed short from Monday’s high and want to manage the risk of the trade with a fairly generous stop-loss, use 1925.50, where the four-minute chart shown would become impulsively bullish.