ESU16 – September E-Mini S&P (Last:1988.25)

Friday's breach of pThe pattern shown replicates one that we used Friday to get a precise read on price action in the E-Mini Dow as it worked its way lower. Although the patterns differ somewhat, they suggest that both vehicles still have a ways to fall if they breach their respective red-line supports Sunday night. That’s a midpoint Hidden Pivot, and although the E-Mini S&P dipped slightly below it at the close, the breach was not quite sufficient for us to infer that further slippage to p2=1996.31, or 1973.50 if any lower, is a done deal. Both of these levels, as well as the green line, should work for purposes of initiating ‘mechanical’ shorts or bottom-fishing, but you could cut the entry risk considerably by executing the trades using ‘camouflage’ on charts of three-minute degree or less. Check out my chat room posts from Friday, beginning at 10:17 a.m., if you want to see how very accurate and useful Hidden Pivot swing points can be, even when stocks are plummeting and a little crazed. _______ UPDATE (June 27, 4:09 p.m. EDT): No change in my analysis. At the intraday low the futures were down 37 points, eight points from achieving the 1973.50 target. It remains valid, and if it is reached overnight I’d infer DaBoyz are trying to put in a bottom there, even if they have no idea the ‘hidden’ support exists. Any bottom-fishing overnight should be done camouflage-style, meaning you should look for your entry trigger in uptrending abc patterns on charts of five-minute degree or less.